Avago Q3 Net Profit Falls

(RTTNews) - Avago Technologies Ltd. (AVGO) reported net income for the third quarter of $142 million or $0.56 per share, compared to $145 million or $0.58 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $188 million or $0.74 per share, compared to $182 million or $0.72 per share in the prior year quarter.

Net revenue for the third quarter rose 6% to $644 million from $606 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.61 per share on revenue of $622.78 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts fourth quarter revenue to grow 12% to 15% sequentially.