UPDATE 1-Avago third quarter beats Wall Street

* Q3 adj. EPS $0.61 vs est. $0.53

* Q3 revenue $550 mln vs est. $545.4 mln

Aug 24 (BestGrowthStock) – Chipmaker Avago Technologies (AVGO.O: )
reported quarterly results that came above Wall Street
estimates, driven by a strong performance at its industrial and
automotive segment.

The Singapore-based designer of analog semiconductor
devices reported a rise in net income to $123 million, or 50
cents per share, from $2 million, or a cent per share, a year
earlier.

Excluding items, it earned 61 cents per share, above
analysts’ forecast of 53 cents per share, according to Thomson
Reuters I/B/E/S.

Revenue for the company, which serves Cisco Systems
(CSCO.O: ), Hewlett-Packard (HPQ.N: ) and Motorola Inc (MOT.N: )
among others, rose 52 percent to $550 million, beating analyst
forecast of $545.4 million.

Revenue at its industrial and automotive segment almost
doubled to $31 million.

Avago, which was spun off from Agilent Technologies (A.N: )
and bought by private equity firms KKR and Silver Lake
Partners, was listed in August 2009.

Shares of the company, which are up 23 percent since their
listing, closed at $20.24 Tuesday on Nasdaq.
(Reporting by Mansi Dutta in Bangalore; Editing by Vyas
Mohan)

UPDATE 1-Avago third quarter beats Wall Street