Broadcom Earnings: Here’s Why Investors are Happy Now
Broadcom Corp. (NASDAQ:BRCM) 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 5.22%.
Broadcom Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $0.65 in the quarter as EPS of $0.65 in the year-earlier quarter.
Revenue: Rose 9.74% to $2.01 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Broadcom Corp. reported adjusted EPS income of $0.65 per share. By that measure, the company beat the mean analyst estimate of $0.56. It beat the average revenue estimate of $1.91 billion.
Quoting Management: “Broadcom delivered nearly 10% year-over-year revenue growth in the March quarter, and earnings well above First Call consensus. This better-than-expected result was driven by wireless baseband and connectivity chips,” said Scott McGregor, Broadcom’s President and Chief Executive Officer. “Looking forward, we see broad-based sequential growth driven by our industry-leading portfolio of wired and wireless communications platforms.”
Key Stats (on next page)…