The company reported a year-over-year increase in net income to $347 million from $223 million. Adjusted earnings per share rose to $1.26 from 85 cents. Revenue rose year-over-year to $1.287 billion from $701 million.
Analysts had expected EPS of $1.06 on revenue of $1.35 billion.
For the fourth quarter, Avago expects revenue to increase 18% to 22%.
Separately, TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a "buy" with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVAGO TECHNOLOGIES LTD (AVGO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."
You can view the full analysis from the report here: AVGO Ratings ReportAVGO data by YCharts
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