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Broadcom stock moves higher after earnings, forecast beat

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Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading.

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.”

 

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