Broadcom earnings surpass expectations
The firm reported a 20% gain in chip sales to $4.82 billion from the year-ago period
Stocks impacted: Broadcom Inc. (AVGO)
The company reported a fiscal second-quarter net income of $1.42 billion, or $3.30 a share, compared with $488 million, or $1.17 a share, in the year-ago period. Revenue rose to $6.61 billion from $5.74 billion in the year-ago quarter. Broadcom also reported a 20% gain in chip sales to $4.82 billion from the year-ago period and a 4% rise in infrastructure software sales to $1.79 billion. The company estimates third-quarter revenue to be about $6.75 billion, above analysts’ expectations. Hock Tan, Broadcom president and chief executive, said in a statement that they continue to see strong demand from service providers and hype cloud. Broadcom shares are up 6.16% from the beginning of the year. Stocks declined 1.9% in the regular session and were muted following the release.
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