Broadcom’s Profit Soars to $71.1 Million

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.

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