Broadcom Limited (AVGO - Free Report) just released its latest quarterly financial results, posting earnings of xx and revenues of $5.01 billion.
Currently, AVGO is a Zacks Rank #4 (Sell), but that could change based on today’s results. Shares of the company have gained about 10% over the past month, including a 0.4% gain during regular trading hours today.
The stock is currently up 0.9% to $267.00 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted earnings of $4.88 per share, beating the Zacks Consensus Estimate of $4.77. Investors should note that this consensus projection has trended upward over the duration of the quarter.
Beat revenue estimates. The company saw revenue figures of $5.01 billion, just edging out our consensus estimate of $5.00 billion.
Revenue was up 20% from the prior-year period. GAAP Gross margin was 50.9% compared to 47.2% in the same quarter last year. Operating expenses were down from $1.50 billion to just $1.35 billion.
Broadcom set a quarterly dividend of $1.75 per share and returned $1.5 billion to shareholders in the form of share repurchases.
“Our business continues to be very robust and sustainable. This is validated through our strong execution in the second quarter which drove [non-GAAP] gross margin to a record 66.6 percent and free cash flow to 42.3 percent of net revenue,” said CEO Hock Tan.
Broadcom expects Q3 fiscal 2018 revenue to be $5.05 billion, plus or minus $75 million. Prior to the report, our latest Zacks Consensus Estimate was calling for Q3 revenue of $5.06 billion.
Here’s a graph that looks at Broadcom’s recent earnings performance:
Broadcom Inc. designs, develops, and markets digital and analog semiconductors. The company offers wireless RF components, storage adapters, controllers, networking processors, switches, fiber optic modules, motion control encoders and optical sensors.
Check back later for our full analysis on AVGO’s earnings report!
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