Avago Technologies Limited Earnings:Here’s Why the Stock is Down Now
Avago Technologies Limited (NASDAQ:AVGO) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.09.
Avago Technologies Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 14.04% to $0.65 in the quarter versus EPS of $0.57 in the year-earlier quarter.
Revenue: Rose 2.31% to $576 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Avago Technologies Limited reported adjusted EPS income of $0.65 per share. By that measure, the company beat the mean analyst estimate of $0.55. It missed the average revenue estimate of $576.23 million.
Quoting Management: CEO Hock Tan remarked, “During the first fiscal quarter, wireless demand remained steady, helped by multiple smart phone launches.
For the second quarter, we expect a product transition with one large OEM will cause wireless to decline, partially offset by program ramps at certain other OEM customers. We also expect growth in wired infrastructure to resume, helped by design wins in next generation data centers.”
Key Stats (on next page)…