Avago Technologies Limited Earnings: Here’s Why Investors are Happy Now
Avago Technologies Limited (NASDAQ:AVGO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.69%.
Avago Technologies Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12.12% to $0.74 in the quarter versus EPS of $0.66 in the year-earlier quarter.
Revenue: Rose 6.27% to $644 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Avago Technologies Limited reported adjusted EPS income of $0.74 per share. By that measure, the company beat the mean analyst estimate of $0.61. It beat the average revenue estimate of $622.78 million.
Quoting Management: “During the third quarter, strong demand from datacenter spending and a significant uptick in industrial more than offset weaker than expected demand in wireless.” said Hock Tan, President and CEO of Avago Technologies Limited. “Momentum in our business continues into the fourth quarter. We expect very strong product ramps in wireless and sustained growth in non-CyOptics wired, together with a full quarter of CyOptics revenue, to drive double-digit sequential revenue growth on a percentage basis.”
Key Stats (on next page)…