Avago Technologies Posts Higher Q4 Profit

(RTTNews) - Avago Technologies Ltd. (AVGO) reported net income for the fourth quarter of $172 million or $0.68 per share, compared to $159 million or $0.64 per share for the year-ago quarter.

Excluding items, adjusted net income for the fourth quarter was $227 million, or $0.89 per share, compared to $194 million, or $0.77 per share in the prior year quarter.

Net revenue for the fourth quarter rose 19% to $738 million from $618 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.82 per share on revenue of $731.57 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking forward, the company said it expects first quarter revenue to decline 3% to 6% sequentially.