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Broadcom’s Profit Soars to $71.1 Million

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From Bloomberg News

Microchip maker Broadcom Corp. said fourth-quarter profit climbed to $71.1 million after sales rose for the 11th straight period.

Net income increased to 20 cents a share from $6.08 million, or 2 cents a share, a year earlier, the Irvine-based company said. Sales rose 13% to $539.4 million.

Alan “Lanny” Ross, in his final quarter as chief executive, managed to weather a glut of chips in the satellite industry and report Broadcom’s highest profit ever by expanding into wireless products. Scott McGregor became CEO on Jan. 3.

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Shares of Broadcom rose 54 cents to $32.37 on Nasdaq.

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