Chipmaker Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported stronger-than-expected earnings and revenues for the third quarter of 2021. Its shares made modest gains soon after the announcement.
The company posted adjusted earnings of $6.96 per share for the July quarter, up from last year’s profit of $5.40 per share. The reported net income was $1.80 billion or $4.20 per share, compared to $614 million or $1.45 per share in the third quarter of 2020. Analysts had predicted a slightly smaller number for the most recent quarter.
Driving the profit growth, net revenues moved up 16% annually to $6.78 billion and slightly exceeded the Street view.
Shares of the company gained in after-hours trading on Thursday, after closing the regular session lower.
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