Broadcom Shares Climbed 3% in Premarket Trading

Tiger Newspress2022-03-04

Shares of Broadcom climbed 3% in premarket trading Friday after the chip maker reported record revenue in the fiscal first quarter and topped analysts’ exceptions.

Broadcom reported adjusted, non-GAAP net income of $3.74 billion, or $8.39 per share. Revenue jumped 16% year over year to $7.7 billion. Analysts polled by FactSet had forecast non-GAAP earnings of $8.23 a share and revenue of $7.6 billion.

“Broadcom’s record first quarter results were driven by strong enterprise demand, and continued investments in next generation technology by hyperscale and service providers,” CEO Hock Tan said in the company’s earnings release. “Our second quarter outlook projects year-over-year growth to accelerate.”

The company said its semiconductor solutions segment had revenue of $5.87 billion, while its infrastructure software segment clocked in at $1.83 billion. The firm also bought back $2.72 billion in stock during the quarter.

For the fiscal second quarter, which ends May 1, Broadcom expects revenue of about $7.9 billion, which was ahead of prior analyst expectations for $7.4 billion, according to FactSet.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
14