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Broadcom Pops 3% in Morning Trading as Guidance, Q3 Earnings Top Expectations

Tiger Newspress2022-09-02

Broadcom shares rose 3% in morning trading after the semiconductor company reported third-quarter results and guidance that topped estimates.

For the period ending July 31, Broadcom (AVGO) said it earned $9.73 per share on $8.46B in revenue, aided by a 78% year-over-year rise in semiconductor sales. Software revenue rose 22% year-over-year to $1.84B.

A consensus of analysts were expecting Broadcom (AVGO) to earn $9.55 per share on $8.41B in revenue.

The company also generated $4.3B in free cash flow during the period and returned $3.2B to shareholders, including $1.7 in dividends.

Looking to the fourth-quarter, Broadcom (AVGO) said it expects revenue to be $8.9B, compared to expectations of $8.72B. It also expects adjusted EBITDA to be about 63% of revenue.

"We expect solid demand across our end markets to continue in the fourth quarter, reflecting continued investment by our customers of next generation technologies in data centers, broadband, and wireless," Hock Tan, President and CEO of Broadcom (AVGO), said in a statement.

Last month, it was reported that VMware (VMW) was slowing down deals ahead of the Broadcom (AVGO) acquisition, resulting in concerns for both sales people and customers alike.

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.

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来人
·2022-09-03
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Marcusooi
·2022-09-02
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  2022-09-08
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·2022-09-02
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·2022-09-02
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