Broadcom, Inc. (NASDAQ: AVGO) reported stronger-than-expected earnings and revenues for the third quarter of 2020. The company’s shares made strong gains on Thursday evening soon after the announcement.
The tech firm reported adjusted earnings of $5.40 per share for the third quarter of 2020, up from $5.16 per share recorded a year earlier. Reported profit was $688 million or $1.45 per share, compared to $715 million or $1.71 per share in the third quarter of 2019. Analysts had predicted a lower number for the most recent quarter.
Net revenues moved up 6% annually to $5.82 billion from $5.51 billion in the year-ago quarter and exceeded the Street view.
Broadcom’s shares gained during Thursday’s extended trading session, after closing the regular session lower.
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