Broadcom (NASDAQ:AVGO) earnings for the semiconductor company’s fiscal third quarter of 2020 have AVGO stock up after-hours Thursday. That’s thanks to its adjusted earnings per share of $5.40 easily beating out Wall Street’s estimate of $5.24. Its revenue of $5.82 billion also comes in above analysts’ estimate of $5.76 billion.
Here’s what else is worth mentioning from the most recent Broadcom earnings report.
- Adjusted per-share earnings are up 4.7% from $5.16 in the same period of the year prior.
- Revenue for the quarter is sitting 6% higher than the $5.52 billion reported in fiscal Q3 2019.
- Operating income of $1.01 billion is a 16.5% increase year-over-year from $865 million.
- The Broadcom earnings report also includes a net income of $688 million.
- That’s a 3.8% drop from the company’s net income of $715 million reported during the same time last year.
Hock Tan, president and CEO of Broadcom, said this in the earnings report.
“We delivered third quarter revenue results in-line with our expectations, driven by healthy demand from cloud and telecom customers, which more than offset the expected
reset in wireless. Our outlook for the fourth quarter reflects a strong anticipated ramp in wireless, as well as the continuing surge in demand for networking from cloud and telecom customers, more than offsetting expected softness in enterprise.”
Broadcom is expecting its fiscal fourth-quarter revenue to range from $6.25 billion to $6.55 billion. For comparison, Wall Street is estimating revenue $6.18 billion for the upcoming quarter.
AVGO stock was up 1.8% after-hours Thursday but closed normal trading hours down 6.1%.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.