Broadcom slips despite reporting Q3 results, in-line guidance
Justin Sullivan
Broadcom (NASDAQ:AVGO) shares fell nearly 3% in extended-hours trading on Thursday after the semiconductor company posted third-quarter results and guidance that was roughly in-line with expectations.
For the period ending July 30, the Hock Tan-led Broadcom (AVGO) said it earned an adjusted $10.54 per share on $8.88B in revenue.
The company's semiconductor solutions segment accounted for $6.94B in revenue during the quarter, slightly above the $6.87B that analysts were expecting.
Infrastructure revenue rose 5% year-over-year and accounted for the remaining $1.935B revenue during the quarter.
A consensus of analysts estimated that Broadcom (AVGO) would earn $10.43 per share on $8.86B in revenue during the third quarter.
The company ended the period with $12.05B in cash at the end of the period and approved its quarterly dividend of $4.60 per share, set to be paid to shareholders of record at the close of trading on September 21 on September 29.
Looking ahead, Broadcom (AVGO) said it expects fourth-quarter revenue to be around $9.27B, with an adjusted EBITDA margin of approximately 65%. Analysts had expected $9.27B in revenue for the coming quarter.
The company will host a conference call at 5 p.m. EST to discuss the results.

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