Broadcom stock moves higher after earnings, forecast beat

Broadcom Inc. continued to produce better results and forecast better near-term sales than Wall Street expects without providing guidance for the long term Thursday, and shares rose in extended trading.

Broadcom AVGO reported fiscal first-quarter earnings of $3.77 billion, or $8.80 a share, on sales of $8.91 billion, up from $7.71 billion a year ago. After adjusting for stock-based compensation and other costs, Broadcom reported earnings of $10.33 a share, up from $8.39 a share in the same quarter last year.

Broadcom “is not immune from cyclical headwinds,” Raymond James analysts cautioned in initiating coverage of semiconductor companies this week. “In particular, it has ~30% exposure to enterprise and ~20% to wireless , where we see potential demand slowdown. Upside appears modest, even in a soft-landing scenario.”

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks mixed early Thursday after inflation fears again get the better of Wall StreetShanghai and Seoul advanced, while Tokyo and Hong Kong declined.
Source: MarketWatch - 🏆 3. / 97 Read more »

Okta stock surges as Wall Street thinks software company is 'partially out of the woods'Okta shares rallied Thursday as Wall Street greeted the identity-management software company's forecast of profitability for the year with cautious optimism.
Source: MarketWatch - 🏆 3. / 97 Read more »