Broadcom reported fiscal third-quarter earnings that beat expectations and provided robust guidance for the current quarter. The stock was little changed in extended trading.
Here's how the chipmaker did versus LSEG consensus estimates:
Earnings per share: $1.69, adjusted, versus $1.65 expected
$1.69, adjusted, versus $1.65 expected Revenue: $15.96 billion versus $15.83 billion expected
Broadcom said it expects $17.4 billion in fourth-quarter revenue, higher than the $17.02 billion expected by Wall Street analysts. Revenue in the third quarter rose 22% on an annual basis.
The company reported net income of $4.14 billion, or 85 cents per share, after recording a net loss a year ago of $1.88 billion, or 40 cents per share. The loss in the year-ago period was due to a one-time tax provision of $4.5 billion that resulted from the company transferring intellectual property to the U.S.
Broadcom develops custom chips for Google and other cloud companies, in addition to networking parts and software needed to tie thousands of artificial intelligence chips together.