Broadcom Shares Up 13% In After-Hrs On Higher Q1 Results, Positive Q2 Outlook

Broadcom

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(RTTNews) - Shares of Broadcom Inc. (AVGO) were up 13 percent on Thursday's extended trading on the Nasdaq after the semiconductor manufacturing company posted higher profit in its first quarter, above the Street estimates, with strong growth in revenues.

The company also provided revenue outlook for the next quarter, higher than last year, and in line with market view.

Further, the Board of Directors has approved a quarterly cash dividend of $0.59 per share, payable on March 31, to stockholders of record at the close of business on March 20.

In the second quarter, the company expects revenue of around $14.9 billion, an increase of 19 percent from the prior year period.

This is in line with analysts' estimates for the three-month period. Analysts' estimates, usually, exclude items.

Second-quarter adjusted EBITDA is expected to be around 66 percent of the expected revenue.

In its first quarter, the company had reported improved earnings, which also beat the Street estimates.

The company posted net income of $5.503 billion, or $1.14 per share in the quarter, higher than $1.325 billion, or $0.28 per share a year ago.

Excluding items, adjusted earnings were $7.823 billion or $1.60 per share for the period, while analysts were looking for earnings of $1.51 per share.

Quarterly revenues surged 24.7 percent to $14.92 billion from $11.96 billion last year.

On the Nasdaq, the stock rose 12.8 percent in Thursday's after-hours to $202.45. AVGO had ended Thursday's regular trade at $179.45, down 6.3 percent.

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