Broadcom Shares Gain On Better-than-expected Results

Shares of Broadcom Corp. rose in Monday's extended session after the chipmaker reported better-than-expected quarterly results. Broadcom said its third-quarter earnings rose to $429 million, or 69 cents a share, from $98 million, or 16 cents a share, a year earlier. On an adjusted basis, the company would have earned 77 cents a share, ahead of the 73 cents a share forecast by analysts in a FactSet survey. Revenue fell to $2.19 billion from $2.26 billion. Broadcom is in the process of being bought out by Avago Technologies Ltd. , the former semiconductor unit of Hewlett-Packard Co., for $37 billion. The sale is expected to be finalized in the first quarter. Broadcom shares rose 1.2% in after-hours trading.