Updated from 4:42 p.m. ET to reflect latest share prices, added information about Seagate, JDA Software, and Keytronic.
NEW YORK (
TheStreet) -- Shares of
(BRCM - Get Report) rose in late trades on Tuesday after the chip maker beat Wall Street expectations for its fiscal fourth quarter and gave a solid outlook for the current period.
Irvine, Calif.-based Broadcom reported a non-GAAP profit of $395 million, or 68 cents a share, on revenue of $1.82 billion for the quarter, ahead of the average estimate of analysts polled by
Thomson Reuters for a profit of 65 cents a share in the December-ended period on revenue of $1.80 billion.
For its fiscal first quarter ending in March, the company forecast revenue of $1.7 billion to $1.8 billion, and flat product gross margins with its fourth-quarter performance on both a GAAP and non-GAAP basis. Wall Street's current consensus view is for revenue of $1.73 billion in the current quarter.
The stock was last quoted at $35, up 1.9%, on volume of more than 1 million, according to
. Based on Tuesday's regular-session close at $34.35, the shares are up 17% so far in 2012.
"Broadcom delivered solid results in 2011, as we gained significant market share, secured record design wins across our businesses, and delivered record revenue and cash flow from operations," said Scott McGregor, the company's president and CEO, in a statement. "Looking forward, we will remain focused on product innovation and engineering execution that position us to grow faster than the industry."
Check out TheStreet's quote page for Broadcom for year-to-date share performance, analyst ratings, earnings estimates and much more.
(AMZN - Get Report)
was the big loser in the extended session as the online mega-retailer
fell short on the top line in the fourth quarter
and said it could report an operating loss in the first quarter.
The Seattle-based company, which said sales of its Kindle devices nearly tripled year-over-year during the holiday period, reported fourth-quarter earnings of $177 million, or 38 cents a share, for the December-ended period on sales of $17.43 billion.
The average estimate of analysts polled by
was for earnings of 17 cents a share in the quarter on sales of $18.25 billion.
"We are grateful to the millions of customers who purchased the Kindle Fire and Kindle e-reader devices this holiday season, making Kindle our bestselling product across both the U.S. and Europe," said Jeff Bezos, the company's founder and CEO, in a statement. "Our millions of third-party sellers had a tremendous holiday season with 65% unit growth and now represent 36% of total units sold."