Avago Technologies is riding hard into the Labor Day weekend, leading the S&P 500 with its 8% gain to about $82 a share. Late Thursday the semiconductor company reported fiscal third-quarter earnings that blew past expectations.
Adjusting for one-time items, Avago earned $347 million, or $1.26 a share, up from $188 million, or 74 cents a share a year earlier — and way ahead of the 81 cents a share that Zacks Investment research says analysts had been expecting. The report represented the first full quarter that included results from LSI, the company that Avago bought for $6.6 billion in May.
But Avago has more than its strong third-quarter results going for it. The company, which was a supplier to Apple on its iPhone 5, is benefiting from the buzz surrounding Apple’s announcement it will host an event on Sept. 9 at which it is widely expected to announce a new revamped iPhone.