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A Broadcom workplace in San Jose, California.
Justin Sullivan/Getty Pictures
Broadcom
reported sturdy earnings and offered a better-than-expected outlook for its October quarter. The semiconductor agency’s shares are up in after-hours buying and selling.
Broadcom (ticker: AVGO) reported fiscal-third-quarter adjusted earnings per share of $9.73, topping Wall Avenue’s consensus estimate for $9.56, in line with FactSet. Income got here in at $8.46 billion, above expectations for $8.41 billion.
Broadcom’s steering was additionally stable. It gave a income forecast of $8.9 billion for the fiscal fourth quarter, in contrast with the $8.77 billion anticipated by analysts.
“Broadcom’s file third-quarter outcomes have been pushed by sturdy demand throughout cloud, service suppliers, and enterprise,” stated CEO Hock Tan within the firm’s earnings launch. “We anticipate stable demand throughout our finish markets to proceed within the fourth quarter, reflecting continued funding by our clients of next-generation applied sciences in information facilities, broadband, and wi-fi.”
Broadcom inventory rallied as a lot as 2.8%, to $505.60, initially following the discharge in post-market buying and selling.
The corporate stated its semiconductor-solutions phase had income of $6.6 billion within the quarter, whereas the infrastructure software program phase generated $1.8 billion. The agency additionally purchased again $1.5 billion in inventory throughout the quarter.
Broadcom inventory has declined by 26% this yr, in contrast with the 33% drop for the
iShares Semiconductor
(SOXX) exchange-traded fund, which tracks the efficiency of the ICE Semiconductor Index.
Write to Tae Kim at [email protected]
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