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.
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