The stock is down 8% in early pre-market trade and is leading the Nasdaq and S&P 500 lower.
From Investor's Business Daily, September 6:
Chipmaker and infrastructure software provider Broadcom (AVGO) late Thursday edged above Wall Street's targets for its fiscal third quarter, but it guided a tad below views for sales in the current period. AVGO stock fell in extended trading.
The Palo Alto, Calif.-based company earned an adjusted $1.24 a share on sales of $13.07 billion in the quarter ended Aug. 4. Analysts polled by FactSet had expected Broadcom to earn an adjusted $1.22 a share on sales of $12.98 billion. On a year-over-year basis, Broadcom earnings rose 18% while sales jumped 47%.
Broadcom's revenue growth benefited from its acquisition of VMware in November 2023.
For the current quarter, Broadcom said it expects sales of "approximately" $14 billion. Analysts were modeling $14.11 billion for the fiscal fourth quarter.
AVGO Stock Falls After Broadcom Reports Earnings
In after-hours trading on the stock market today, AVGO stock dropped 4.8% to 145.55. During the regular session Thursday, AVGO stock sank 0.8% to close at 152.82....
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