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Avago Soars as Earnings Top Estimates on Demand for IPhones
- At least five analysts raise price targets on wireless outlook
- Need for fast data spurs demand for Avago's electronic filters
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Avago Technologies Ltd., which is leading the chip industry’s consolidation wave, surged the most in more than nine months after reporting fourth-quarter profit that topped estimates on demand for mobile-phone components.
Profit, excluding certain items, was $2.51 a share in the three months ended Nov. 1, up from $1.99 a share a year earlier, the company said in a statement Wednesday. That compared with an average analyst estimate of $2.38 a share, according to data compiled by Bloomberg. Revenue rose 16 percent to $1.84 billion.