Semiconductor stocks are climbing higher on Friday thanks to an earnings beat from a major player in the market!
Broadcom (NASDAQ:AVGO) is behind today’s news with its adjusted earnings per share of $10.45 for fiscal Q4 2022. That’s better than the $10.28 per share that Wall Street was expecting during the quarter. It’s also a strong jump from the $7.81 per share reported in the same period of the year prior.
Adding to that is the semiconductor company’s revenue of $8.93 billion. Yet again, that’s above the $8.9 billion analysts were expecting for the period. It’s also a 21% increase from the $7.4 billion reported in fiscal Q4 2021.
To go along with these positive results, Broadcom provides revenue guidance of $8.9 billion for its fiscal first quarter of 2023. That would see it beating out Wall Street’s estimate of $8.8 billion for the quarter.
Investors were previously worried about semiconductor stocks as several companies, Broadcom included, warned of waning interest in PCs. However, today’s news is boosting shares higher. Let’s go over that below!
Semiconductor Stocks Up Today
- AVGO stock starts us off with the company’s shares climbing 3.2% higher on Friday.
- Nvidia (NASDAQ:NVDA) shares are next on our list with the company’s stock gaining 1.8% as of this writing.
- Intel (NASDAQ:INTC) stock closes out our list of semiconductor stocks rising today with a slight increase this afternoon.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace has all of the hottest stock market news traders need to know about on Friday! That includes what’s happening with shares of Grom Social (NASDAQ:GROM), DocuSign (NASDAQ:DOCU), and Mullen Automotive (NASDAQ:MULN) stock today. All of that news is ready to go below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.