Broadcom (NASDAQ:AVGO) unveiled its quarterly results after Wall Street closed on Thursday, with sales gaining more than 8% year-over-year, while earnings were ahead of the mark, lifting AVGO stock after hours.
The San Jose, Calif.-based semiconductor manufacturer announced first-quarter profit of $471 million, or $1.12 per share. On an adjusted basis after taking into account discounted operations and other items, earnings tallied up to $5.55 per share, 8.4% higher than the $5.82 per share it brought in during the same period a year ago, according to data compiled by FactSet.
Broadcom added that its total sales for its first quarter of 2019 landed at $5.79 billion, about 8.6% above the $5.33 billion it amassed during the same period of 2018. Wall Street was calling for revenue of $5.82 billion, according to a FactSet survey.
The chipmaker added in its previous quarterly release that it would no longer predict its results for current quarters. Following through on this claim, Broadcom did not provide investors with an update annual revenue guidance during its report.
Founded in 1961, the company creates infrastructure software products for wireless, broadband and networking purposes. It brought in more than $20 billion in revenue during its fiscal 2018.
AVGO stock was down 1.1% during regular trading hours as the business prepared its team to unveil the facts and figures of its first quarter. Shares then gained roughly 5.5% after the bell Thursday off the heels of a three-month period that helped Broadcom’s momentum continue.
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