AVGO Earnings: Broadcom's Financial Results Squeak by Wall Street Estimates
Chipmaker Broadcom (AVGO) has reported Fiscal second-quarter financial results that narrowly beat Wall Street's forecasts.
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The Silicon Valley-based company announced earnings per share (EPS) of $1.58, which was ahead of the $1.56 expected among analysts. Revenue of $15 billion edged the $14.99 billion consensus expectation of analysts. Sales were up 20% year-over-year.
In addition to the solid print, Broadcom's management team offered robust forward guidance, saying they now expect about $15.80 billion in Fiscal third-quarter revenue, versus $15.70 billion that was expected on the Street.
Broadcom's income statement. Source: Main Street Data
AI Impacts
Broadcom said it had $4.40 billion in AI revenue during the latest quarter. Looking ahead, Broadcom said that it expects $5.10 billion in AI chip sales during the current quarter, adding that 'hyperscale partners continue to invest.' Hyperscalers refers to companies that build large cloud systems such as Amazon (AMZN) and Microsoft (MSFT).
Sales to hyperscalers are reported in Broadcom's semiconductor solutions business unit, which had $8.40 billion in revenue during the quarter, a 17% increase from last year, and above the $8.34 billion that analysts anticipated. The software business, which includes VMware, grew 25% year-over-year to $6.60 billion in sales during the quarter. AVGO stock has risen 13% this year.
Is AVGO Stock a Buy?
average AVGO price target of $256.04 implies 1.50% downside risk from current levels. These ratings are likely to change after the company's financial results.
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