Broadcom Does Better Than Expected; Stock Rises 14%
<i> Bloomberg News</i>
Broadcom Corp.’s stock rose 14% Wednesday, a day after the Irvine maker of cable-modem chips said first-quarter profit more than doubled, beating analysts’ estimates.
The shares closed at $73.13, up $8.75 in Nasdaq trading.
The company benefited from strong demand for its data-networking and digital-television set-top-box chips. The company’s net income was 19 cents a share, beating the 14-cent average estimate of analysts polled by First Call. A year earlier, Broadcom earned 9 cents a share.
