Avago Technologies Falls After Q4 Results

Shares of Avago Technologies

fell in Thursday's after hours trading session, after the company released its fiscal fourth-quarter earnings results. Shares traded down a little more than three percent to $34.00. The company reported non-GAAP net income of $194 million or $0.77 per share, compared to net income of $186 million or $0.73 per share, in the year ago period. This came in well ahead of Wall Street consensus EPS estimates of $0.67. Net revenue in the period fell to $618 million from $623 million last year. This still came in ahead of consensus revenue estimates of $615.15 million. The company said that it expects for first-quarter net revenue to be down between 5 percent and 9 percent on a sequential basis. Currently, Wall Street analysts have consensus revenue estimates of $606.38 million for the fiscal first-quarter.