Stock

Broadcom Q1 results: ‘margins look really good’

Broadcom Inc (NASDAQ: AVGO) stock is up 4.0% in extended trading on Thursday after the semiconductor company reported market-beating results for Q1 and gave solid future guidance.

Broadcom Q1 results

Net income stood at $2.47 billion that translates to $5.59 a share.
In the year-ago period, net income was capped at $1.38 billion or $3.05 a share.
Adjusted EPS printed at $8.39, as per the earnings press release.

At $7.71 billion, revenue was up 16% on a year-over-year basis.
FactSet consensus was for $8.13 of adjusted EPS on $7.61 billion in revenue.
Chip sales jumped 20% in the recent quarter, ahead of the experts’ forecast.
Infrastructure software sales were up 5.0%, slightly shy of Street expectations.

Broadcom future outlook

For the fiscal second quarter, Broadcom forecasts $7.9 billion in revenue versus analysts at $7.43 billion. On CNBC’s “Closing Bell”, Bernstein’s Stacy Rasgon said:

It was a really solid beat and raise. The quarter looks pretty good. Margins look really good. They did 75.5% gross margins and may even be guiding them up again, at least implicitly. They have enough dry powder on top the buyback programme to execute a deal if they find one.

Broadcom has a target of $10 billion in stock repurchase this year. $3.10 billion of that, the chipmaker revealed, has been executed already. Shares are still down over 10% for the year.

The post Broadcom Q1 results: ‘margins look really good’ appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top