Chipmaker and infrastructure software provider Broadcom (AVGO) late Thursday beat Wall Street’s targets for its fiscal third quarter but offered an outlook that was in line with analyst estimates for the current period. AVGO stock slid in extended trading.
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The San Jose, Calif.-based company earned an adjusted $10.54 a share on sales of $8.88 billion in the quarter ended July 30. Analysts polled by FactSet called for Broadcom earnings of $10.43 a share on sales of $8.85 billion. In the year-earlier period, Broadcom earned an adjusted $9.73 a share on sales of $8.46 billion.
In after-hours trading on the stock market today, AVGO stock fell 3.1% to 894.25. During the regular session Thursday, AVGO stock rose 3.4% to close at 922.89.
Earnings report details to follow.
Meanwhile, Broadcom expects its acquisition of VMware (VMW) to close on Oct. 30. The companies announced the cash-and-stock deal in May 2022.
AVGO stock and VMW stock are on the IBD Tech Leaders list.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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