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Broadcom Limited (NASDAQ: AVGO) is now the combined Avago and Broadcom, and the chip giant has now reported earnings for its fiscal third quarter. Revenues and profits beat the consensus analyst expectations and it sees gains ahead. Still, much of the good news might have already been reflected in the shares.

Broadcom delivered 7% sequential growth in revenues and delivered 14% sequential growth in its earnings per share. The company’s growth forecast was tied to strong trends in the wireless business segment.

Adjusted earnings came to $2.89 per share (EPS) and revenue was $3.79 billion. Thomson Reuters was calling for $2.77 EPS and $3.76 billion in revenue.

Broadcom’s gross margin was 60.4%, up from 60.0% in the second quarter but down from 60.7% a year ago. Broadcom’s gross profit is expected in a range of 59.5% to 61.5%. Operating income from continuing operations was $1.489 billion, or 39% of net revenue.

Capital spending is expected to be approximately $325 million in the fourth quarter, with depreciation expected to be $114 million and amortization expected to be approximately $580 million.

Broadcom gave very little detail on its earnings and guidance in the formal press release. That leaves its conference call being more important. Hock Tan, Broadcom’s President and CEO, said in the official quote:

We delivered strong third quarter financial results with 7 percent sequential growth in revenue and 14 percent sequential growth in EPS, a clear demonstration of the leverage inherent in our operating model. We are expecting an even stronger performance in the fourth quarter, driven by robust growth in our wireless segment.

Broadcom shares were last seen trading 0.4% at $177.09 at the close on Thursday, but then shares were down 1.8% at $173.85 in Thursday’s after-hours trading session. Its consensus analyst price target was $195.22 ahead of the earnings report and its 52-week range is $111.53 to $179.42.

Broadcom shares have more or less performed in-line with the broader chip index used for the Van Eck semiconductor ETF. The index was last seen up 24% year-to-date versus 22.3% for Broadcom. Over the last year, Broadcom’s gain has been 49.7% versus 40.9% for the index ETF.