Broadcom (BRCM) Beats Q2 EPS Expectations on Strong Margins; Sees Profitable Q311
Tweet
Share
E-mail
Get Alerts BRCM Hot Sheet
Price: $54.67 --0%
Financial Fact:
Net income per share (diluted): 0.69
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Net income per share (diluted): 0.69
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Broadcom (Nasdaq: BRCM) is trading stronger after-hours, following a strong second-quarter showing from the Irvine, CA-based chip maker.
Revenue grew nearly 12 percent to $1.796 billion, just shy of the $1.80 billion sought by the Street.
Net income fell 37 percent from $278 million to $175 million, or 31 cents per diluted share. When excluding items like settlement costs, and asset impairments, earnings were a much more robust 72 cents per share, beating the 63 cents per share consensus.
"Broadcom delivered solid profitability in Q2 within our non-GAAP target model, with better-than-expected gross margins and record cash flow from operations," CEO Scott McGregor commented. "We expect solid growth in revenue and profitability in [the third quarter]."
Long-term debt remained flat at $697 million.
Looking ahead, Broadcom expects third-quarter revs of $1.9 to $2.0 billion, and a flat GAAP gross margin. The Street is looking for revs of $1.93 billion next quarter.
Broadcom is trading 8.5 percent stronger post market.
Revenue grew nearly 12 percent to $1.796 billion, just shy of the $1.80 billion sought by the Street.
Net income fell 37 percent from $278 million to $175 million, or 31 cents per diluted share. When excluding items like settlement costs, and asset impairments, earnings were a much more robust 72 cents per share, beating the 63 cents per share consensus.
"Broadcom delivered solid profitability in Q2 within our non-GAAP target model, with better-than-expected gross margins and record cash flow from operations," CEO Scott McGregor commented. "We expect solid growth in revenue and profitability in [the third quarter]."
Long-term debt remained flat at $697 million.
Looking ahead, Broadcom expects third-quarter revs of $1.9 to $2.0 billion, and a flat GAAP gross margin. The Street is looking for revs of $1.93 billion next quarter.
Broadcom is trading 8.5 percent stronger post market.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- S&P 500 may pull back before midterms, but Citi says buy the dip
- RenovoRx regains Nasdaq minimum bid price compliance
Create E-mail Alert Related Categories
Earnings, GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
