Broadcom Ltd (AVGO) Reports Q1 Earnings Beat

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Broadcom Ltd (NASDAQ:AVGO) has released its earnings report for its fiscal first quarter of 2017.

Broadcom Ltd, AVGOBroadcom Ltd reported earnings per share of $3.63 for its fiscal first quarter of 2017. This is an increase over the earnings per share of $3.47 that was reported in the fiscal first quarter of 2016. It also easily came in above Wall Street’s earnings per share estimate of $3.48 for the quarter.

Revenue reported by Broadcom Ltd for its fiscal first quarter of 2017 was $4.14 billion. This is a 134% increase over its revenue of $1.77 billion that it reported during the same time last year. Analysts were expecting AVGO to report revenue of $4.08 billion for its fiscal first quarter of 2017.

During its fiscal first quarter of 2017, Broadcom Ltd reported net income of  $252 million. The semiconductor company reported net income of $377 million in the same period of the year prior.

Broadcom Ltd has also announced a quarterly dividend for investors. This dividend is $1.02 per share and it will be payable to investors on March 31, 2017. shareholders will need to be on record as of March 20, 2017 to receive the quarterly dividend.

Broadcom Ltd also released its outlook for its fiscal second quarter of 2017 in its most recent earnings report. It is expecting revenue for the quarter to be between $4.015 billion and $4.165 billion. Wall Street is expecting the company to report revenue of $3.90 billion during its fiscal second quarter of 2017.

“We had a very good start to our fiscal year 2017 delivering first quarter revenue and gross margin at the top end of guidance,” Hock Tan, President and CEO of Broadcom Ltd, said in a statement. “We expect healthy demand for our products to continue and we are guiding second fiscal quarter revenue to grow organically by 15% on a year over year basis.”

AVGO stock was up 1% as of noon Thursday and is up 23% year-to-date.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/broadcom-ltd-avgo/.

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