Broadcom Stock Drops On Q3 Earnings: The Details

Broadcom Inc AVGO reported third-quarter financial results after the bell. Here's a rundown of the report.

Q3 Revenue: $8.88 billion beat estimates of $8.86 billion

Q3 EPS: $10.54 beat estimates of $10.42

Revenues climbed 5% year-over-year, driven by demand for next gen networking tech. The company said hyperscale customers scaled out and networked their AI clusters within data centers.

Broadcom ended the quarter with $12.055 billion in cash and equivalents. The company's board also approved a quarterly cash dividend of $4.60 per share. 

Outlook: Broadcom anticipates fourth-quarter revenue of approximately $9.27 billion versus estimates of $9.28 billion. Adjusted EBITDA is expected to be approximately 65% of forecasted quarterly revenue. 

"Our fourth quarter outlook projects year-over-year growth, reflecting continued leadership in networking for generative AI," said Hock Tan, president and CEO of Broadcom.

Management will discuss these results on a conference call that kicks off at 5 p.m. ET.

See Also: Lululemon Q3 Earnings Rundown: EPS Beat, Comparable Sales Up 11%, Strong Guidance

AVGO Price Action: Broadcom shares were down 2.08% at $903.63 at the time of writing, according to Benzinga Pro.

Photo:  from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsAfter-Hours CenterMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!