|

Broadcom shares slide on narrower Q3 beat

  • Broadcom beats consensus on top and bottom lines for fiscal Q3.
  • AVGO stock declines slightly near 2% range in the immediate aftermath.
  • Q4 revenue guidance rises to $17.4 billion.

The market initially sold off Broadcom (AVGO) at a moderate pace after the semiconductor giant reported a narrow beat on fiscal third-quarter results. The company's share price initially slid from the Thursday close near $306 to $298 at the time of writing before beginning a tepid recovery.

Broadcom earned $1.69 in adjusted earnings per share (EPS) on revenue of $15.95 billion. Sales rose 22% on an annual basis, down from the 47% figure seen in the same quarter a year ago.

Wall Street had expected $1.66 in adjusted EPS on $15.82 billion in revenue.

Broadcom earned $7.02 billion in free cash flow during Q3, which amounts to 44% of revenue. Additionally, Broadcom projects $17.4 billion in sales during Q4, better than the $17.1 billion consensus.

In separate earnings announcements, DocuSign (DOCU) surged over 10% after overcoming the quarterly consensus, while Lululemon (LULU) plunged about 14% on its revenue miss.

AVGO 5-minute stock chart

AVGO 5-minute stock chart

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to PremiumSign In

Author

Clay Webster

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

More from Clay Webster
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD clings to small gains near 1.1750

Following a short-lasting correction in the early European session, EUR/USD regains its traction and clings to moderate gains at around 1.1750 on Monday. Nevertheless, the pair's volatility remains low, with investors awaiting this weeks key data releases from the US and the ECB policy announcements.

GBP/USD remains confined in a range above mid-1.3300s ahead of UK jobs report

The GBP/USD pair extends its sideways consolidative price move through the Asian session on Tuesday and currently trades around the 1.3370-1.3365 region, nearly unchanged for the day. Traders seem reluctant and opt to wait for this week's important macro releases and the key central bank event risk before placing fresh directional bets.

Gold defends $4,300 as focus shifts to US NFP, PMI data

Gold price holds the $4,300 level, easing from the highest since October 21 in the Asian trading hours on Tuesday. The precious metal stays afloat on further US Federal Reserve rate cut bets. The US Nonfarm Payrolls report will take center stage later on Tuesday. Also, the US Retail Sales and Purchasing Managers Index will be published. 

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000.

NFP preview: Complex data release will determine if Fed was right to cut rates

The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers. 

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.