Broadcom, Inc. (NASDAQ: AVGO) reported stronger-than-expected earnings and revenues for the third quarter of 2022. The chipmaker’s stock gained Thursday evening following the announcement.
Net profit was $9.73 per share in the third quarter, on an adjusted basis, up from last year’s earnings of $6.96 per share. Unadjusted net income climbed to $3.07 billion or $7.15 per share from $1.88 billion or $4.20 per share in the third quarter of 2021. Analysts had predicted a smaller number for the latest quarter.
Driving the bottom-line growth, third-quarter revenues increased 25% annually to $8.46 billion and exceeded the Street view.
Check this space to read management/analysts’ comments on Broadcom’s Q3 earnings
“We remain committed to return excess cash to shareholders and in the third quarter, we returned $3.2 billion to shareholders including $1.7 billion of cash dividends and $1.5 billion of share repurchases,” said Broadcom’s CFO Kirsten Spears.
Prior Performance
_________________________________________________________________________________________________________________
Stocks you may like:
International Business Machines Corp. (IBM) Stock
_________________________________________________________________________________________________________________
Most Popular
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on
Target (TGT): A look at some of the challenges faced by the retailer in 3Q24
Shares of Target Corporation (NYSE: TGT) stayed green on Thursday, recovering from the stumble it took a day ago after delivering disappointing results for the third quarter of 2024 and