Broadcom, Inc. (NASDAQ: AVGO) has reported stronger-than-expected earnings and revenues for the second quarter of 2022. The chipmaker’s stock traded sharply higher Friday morning.
Net profit was $9.07 per share in the second quarter, on an adjusted basis, up from last year’s earnings of $6.62 per share. Unadjusted net income climbed to $2.59 billion or $5.93 per share from $1.49 billion or $3.30 per share in the second quarter of 2021. Analysts had predicted a smaller number for the most recent quarter.
Driving the bottom-line growth, second-quarter revenues increased 23% annually to $8.10 billion and exceeded the Street view.
Check this space to read management/analysts’ comments on Broadcom’s Q2 earnings
“We generated $4.2 billion in free cash flow and are expecting free cash flow to remain strong in the third quarter. Consistent with our commitment to return excess cash to shareholders, we returned $4.5 billion to shareholders in the quarter including $1.7 billion of cash dividends and $2.8 billion of share repurchases,” said Broadcom’s CFO Kirsten Spears.