Why Broadcom Stock Is Ticking Higher After Hours

Broadcom Inc AVGO shares are trading higher in extended trading Thursday after the company reported better-than-expected financial results.

What Happened: Broadcom reported fiscal first-quarter revenue of $8.91 billion, which beat consensus estimates of $8.9 billion, according to Benzinga Pro. The company's top-line results were up 16% on a year-over-year basis.

The company reported first-quarter adjusted earnings of $10.33 per share, which beat estimates of $10.11 per share.

Broadcom ended the quarter with $12.64 billion in cash and equivalents, up from $12.41 billion sequentially. The company generated $4.03 billion in cash from operations during the quarter.

"Broadcom's first quarter performance reflects continued strength in infrastructure demand across all our end markets," said Hock Tan, president and CEO of Broadcom.

"Looking ahead, we are confident our growth will be driven by sustained leadership in next generation technologies across all of our core markets, and strong partnerships with our customers."

Broadcom expects fiscal second-quarter revenue of approximately $8.7 billion versus estimates of $8.5 billion.

Broadcom is a technology company that designs, develops, and supplies semiconductor and infrastructure software solutions. The company will hold a conference call to discuss these results at 5 p.m. ET.

See Also: After-Hours Alert: Why ChargePoint Stock Is Crashing

AVGO Price Action: Broadcom has a 52-week range of $415.06-$645.31, according to Benzinga Pro.

The stock was up 0.61% at $602.30 at the time of publication.

Photo: courtesy of Broadcom.