Broadcom (AVGO) Slips Despite Better Than Expected Q3 Results, Outlook
Broadcom (NASDAQ: AVGO) delivered better-than-expected Q3 results, with EPS of $6.96, beating the consensus estimate of $6.85, and 16% year-over-year growth in revenue to $6.78 billion, slightly above the consensus estimate of $6.74 billion.
According to Hock Tan, the President and CEO of the company, the strong Q3 momentum is expected to continue in the next quarter.
The company expects Q4 revenue of approximately $7.35 billion, which is better than the Street estimate of $7.23 billion.
The Company's Board of Directors has approved a quarterly cash dividend of $3.60 per share on its common stock and $0.20 per share on its 8.00% Mandatory Convertible Preferred Stock, Series A. Dividends are payable on September 30, 2021.
Shares are down 1% after-hours Thursday.