The chip company beat expectations on adjusted profit for latest quarter, while delivering largely in-line revenue.
Broadcom Inc. shares slipped 3% in the extended session Thursday after the chip and software company delivered a revenue forecast for the current quarter that failed to offer upside versus the consensus view.
The company reported fiscal third-quarter net income of $3.30 billion, or $7.74 a share, compared with $3.07 billion, or $7.15 a share, in the year-ago period. After adjustments, Broadcom AVGO, +3.43% earned $10.54 a share, compared with $9.73 a share in the year-ago quarter. Analysts tracked by FactSet were expecting $10.43 a share.
Revenue increased to $8.88 billion from $8.46 billion in the year-ago quarter, while analysts were modeling $8.85 billion.Chip sales rose 5% to $6.94 billion from the year-ago period, and infrastructure software sales also were up by 5%, to $1.94 billion. The FactSet consensus was for $6.97 billion in chip sales and $1.89 billion in software sales.
The latest results “were driven by demand for next-generation networking technologies as hyperscale customers scale out and network their AI clusters within data centers,” Chief Executive Hock Tan said in a statement.The company forecast fiscal fourth-quarter revenue of about $9.27 billion, in line with the FactSet consensus.Year to date, Broadcom is up 65% and the PHLX Semiconductor Index SOX, +0.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inflation data, Broadcom earnings, Lululemon: 3 things to watch By Investing.comInflation data, Broadcom earnings, Lululemon: 3 things to watch
Read more »
Broadcom has a tough act to follow after Nvidia earningsBroadcom has a high bar to clear Thursday as the chip and software company reports on the progress of its AI initiatives.
Read more »
Euro slips as ECB policymaker takes cautious tone By ReutersEuro slips as ECB policymaker takes cautious tone
Read more »
Bitcoin Slips to $27.2K, Cryptos Dip as Investors Digest Grayscale’s Court WinSome signs suggest potential market weakness despite Tuesday’s rally, market observers noted.
Read more »
Bitcoin Slips as Crypto Traders Look Ahead to Inflation DataCrypto traders continue to focus on U.S. economic data that could move the needle on the Federal Reserve's pathway for interest rates.
Read more »
USD/JPY slips below 146.00 on mixed US data, BoJ split policy viewsThe Greenback (USD) prints losses against the Japanese Yen (JPY) after reaching a daily high of 146.22, back below 146.00. Data from the United States
Read more »