Avago Technologies (AVGO) hit a new high and received several price target increases Thursday after reporting better-than-expected fiscal Q1 earnings and guidance, driven by Apple iPhone and enterprise storage demand. After the market close Wednesday, the Singapore-based wireless chipmaker also announced plans to acquire networking company Emulex (ELX) for $606 million, or $8 a share. It expects the deal to close before November. “In our view,
Avago Technologies late Wednesday reported its biggest year-over-year earnings and revenue growth in more than four years, as wireless sales surged along with red-hot Apple iPhone demand. The Singapore-based wireless chipmaker also announced it would acquire networking company Emulex (ELX) for about $606 million, or $8 a share. Avago (AVGO) also guided Q2 revenue above Wall Street forecasts and said Emulex will immediately add
Avago Technologies (AVGO) reported its seventh straight quarter of accelerating earnings and sales growth late Wednesday as the iPhone chip supplier also announced a big acquisition. Avago earned $2.09 a share excluding various items in its fiscal Q1, up 149% vs. a year earlier and blowing out views for $1.94. Net revenue from continuing operations grew 134% to $1.66 billion. GAAP net revenue rose 131% to $1.635 billion. The company sees Q2 GAAP