Categories AlphaGraphs, Earnings, Technology
Broadcom (AVGO) reports better-than-expected Q1 earnings, revenue
Broadcom, Inc. (NASDAQ: AVGO) Thursday reported stronger-than-expected earnings and revenues for the first quarter of 2022. The chipmaker’s stock made strong gains soon after the announcement in after-hours trading.
Earnings were $8.39 per share for the first quarter, up from last year’s profit of $6.61 per share. Unadjusted net profit was $2.47 billion or $5.59 per share, compared to $1.38 billion or $3.05 per share in the first quarter of 2021. Analysts had predicted a smaller number for the most recent quarter.
Driving the bottom-line growth, first-quarter revenues increased 16% annually to $7.71 billion and exceeded the Street view.
“Broadcom’s record first-quarter results were driven by strong enterprise demand and continued investments in next-generation technology by hyper-scale and service providers. Our second-quarter outlook projects year-over-year growth to accelerate,” said Broadcom’s CEO Hock Tan.
Read management/analysts’ comments on Broadcom’s Q1 results
Broadcom’s stock has gained about 16% in the past six months, often outperforming the market. The stock closed Thursday’s regular session lower but gained in the extended session soon after the announcement.
Prior Performance
_________________________________________________________________________________________________________________
Stocks you may like:
International Business Machines Corp. (IBM) Stock
_________________________________________________________________________________________________________________
Most Popular
Should investors worry about Micron’s (MU) weak Q4 results and guidance?
The semiconductor industry is a rapidly growing business segment that currently thrives on the digital transformation wave. The demand for memory chips and other semiconductor products increased over the years,
What has Bed Bath & Beyond (BBBY) outlined for this fiscal year?
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a
NKE Earnings: Highlights of Nike’s Q1 2023 results
Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company's stock suffered a big loss
