Broadcom Gains After Solid Beat and Raise
2022.09.02 00:57
Broadcom (AVGO) Gains After Solid Beat and Raise
By Investing.com Staff
Shares of Broadcom Inc. (NASDAQ:AVGO) gained 2% after-hours Thursday after posting a solid third quarter beat and raising guidance in the face of macro headwinds.
The semiconductor company reported that consolidated revenue grew 25% year-over-year to $8.5 billion, beating the consensus of $8.4 billion. Meanwhile, operating profit increased 32%. Non-GAAP diluted EPS was $9.73, versus the consensus of $9.56.
“Broadcom’s record third quarter results were driven by robust demand across cloud, service providers, and enterprise,” said Hock Tan, President and CEO of Broadcom Inc. “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.”
The company returned $3.2 billion to shareholders in the quarter, including $1.7 billion of cash dividends and $1.5 billion of share repurchases.
Looking ahead, Broadcom sees fourth quarter revenue of $8.9 billion, versus the consensus of $8.7 billion. Fourth quarter Adjusted EBITDA guidance is approximately 63 percent of projected revenue.
