Avago 3rd-quarter profit rises as semiconductor revenue climbs

Avago 3Q profit climbs

SAN FRANCISCO — Avago Technologies Ltd. said Tuesday that its fiscal third-quarter profit jumped as revenue from its semiconductors climbed.

For the quarter that ended Aug. 1, Avago earned $123 million, or 50 cents per share, compared with a profit of $2 million, or a penny per share, in the year-ago quarter.

When excluding one-time items, Avago earned 61 cents per share. Analysts polled by Thomson Reuters expected an adjusted profit of 53 cents per share.

Revenue rose 52 percent to $550 million, beating analyst expectations for $545.4 million.

Avago shares rose a penny to $20.25 in after-hours trading, having finished regular trading down 16 cents at $20.24.