PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — Broadcom Inc. (AVGO) on Thursday reported fiscal first-quarter net income of $5.5 billion.

On a per-share basis, the Palo Alto, California-based company said it had net income of $1.14. Earnings, adjusted for one-time gains and costs, were $1.60 per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.

The chipmaker posted revenue of $14.92 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $14.62 billion.

For the current quarter ending in April, Broadcom Inc. said it expects revenue in the range of $14.9 billion.

Broadcom Inc. shares have decreased 23% since the beginning of the year, while the S&P's 500 index has declined slightly more than 2%. In the final minutes of trading on Thursday, shares hit $179.45, an increase of 33% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVGO at https://www.zacks.com/ap/AVGO