Broadcom ( BRCM) reported a sharp rise in third-quarter net income from a year earlier, when results were weighed down by charges, as revenue grew 7.5% and surged past analysts' expectations.

The chipmaker posted third-quarter net income of $132.7 million, or 35 cents a share, up from $43.9 million, or 13 cents a share, a year earlier.

Excluding items such as one-time charges and stock-compensation costs, Broadcom's earnings rose to $148 million, or 39 cents a share, from $124.1 million, or 36 cents a share, last year. Analysts projected earnings of 38 cents a share on this basis, according to Thomson First Call.

Broadcom, which makes chips for cell phones, cable modems and set-top boxes, said revenue grew to $695 million from $646.5 million, easily beating Wall Street's forecast of $665 million.

"Broadcom's revenue and net income reached record levels in the third quarter, driven by continued broad-based strength within our major target end markets," said Scott McGregor, Broadcom's president and chief executive, in a statement. "We were pleased to see the benefits in our results of Broadcom's recent investments in a number of new end markets such as Bluetooth technology, mobile multimedia applications, and satellite set-top boxes."

Broadcom shares recently traded at $44.20 after hours, down 10 cents, or 0.2% from Thursday's close.