NEW YORK ( TheStreet) -- Shares of Avago Technologies ( AVGO) leapt in late trades on Tuesday after the Singapore-based chip maker topped Wall Street expectations for its fiscal third-quarter results and forecast sequential growth in revenue in the current period. The stock was last quoted at $31.34, up 7.1%, on volume of nearly 460,000, according to Nasdaq.com. Based on a regular session close at $29.26, the shares were up more than 35% in the past year but they had fallen nearly 26% since hitting a 52-week high of $39.45 on July 7. The company reported a non-GAAP profit of $176 million, or 68 cents a share, for the three months ended July 31 on revenue of $603 million, up from year-ago equivalent earnings of $152 million, or 61 cents a share, on revenue of $551 million. The average estimate of analysts polled by Thomson Reuters was for earnings of 63 cents a share in the July-ended period on revenue of $593 million. "During the third quarter of fiscal 2011, our four target markets performed as we expected and we outperformed these markets as our revenue growth for the quarter came in at the high end of guidance," said Hock Tan, the company's president and CEO, in a statement. "While uncertainties prevail in the global economy today, we continue to believe revenue will grow for the balance of the fiscal year due to share gains with certain wireless and wired OEMs." For its fiscal fourth quarter ending in September, Avago forecast sequential growth in revenue of 2-to-5% with non-GAAP gross margins seen at 51.5% vs. 51.7% in the third quarter.
The stock was down 24% to $8 on volume of more than 20,000, according to Nasdaq.com, pushing below a prior 52-week low of $8.37 reached on Aug. 10. Also, Pacific Sunwear of California ( PSUN) was unchanged at $2.17 on volume of a little less than 50,000 after the specialty retailer reported a narrower than expected loss for its second quarter ended in July but gave a below-consensus outlook for the current period. The stock did go as low as $1.95 in the after-hours session, according to Nasdaq.com, but was last quoted as flat. For the October-ending quarter, Pacific Sunwear said it sees a non-GAAP loss of 10 to 18 cents a share with same-store sales in the mid-to-high negative single digits. The current average analysts' view is for a loss of 6 cents a share in the third quarter. -- Written by Michael Baron in New York.