NEW YORK (TheStreet) -- Avago Technologies (AVGO) shares are up 6.2% to $101 in after-hours trading on Wednesday after the analog semiconductor device manufacturer announced its fourth quarter earnings results after the closing bell today.
The company reported a sequential 25% rise in quarterly net revenues to $1.59 billion, in line with what analysts were expecting the company to report for the quarter.
Avago also reported fourth quarter earnings of $1.99 per diluted share on an adjusted basis that beat analysts' expectations for the quarter by 30 cents per share.
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TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVAGO TECHNOLOGIES LTD (AVGO) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and premium valuation."