Broadcom on Thursday revealed its third quarter monetary outcomes, beating market estimates and anticipating continued momentum into the fourth quarter.
The corporate’s non-GAAP diluted earnings per share got here to $6.96. Income was $6.78 billion for the third quarter, up 16% the prior 12 months interval.
Analysts had been anticipating earnings of $6.88 per share on income of $6.76 billion.
“Broadcom delivered document revenues within the third quarter reflecting our product and expertise management throughout a number of secular development markets in cloud, 5G infrastructure, broadband, and wi-fi,” CEO Hock Tan stated in an announcement. “We’re projecting the momentum to proceed within the fourth quarter.”
By section, Broadcom’s semiconductor enterprise represented 74 of complete gross sales within the third quarter. Broadcom’s semiconductors are utilized in knowledge facilities, networking gear, broadband and wi-fi gadgets in addition to industrial. The section introduced in $5.021 billion, up 19% year-over-year.
The software program unit options enterprise mainframe, cybersecurity and automation and monitoring apps. The section grew 10 year-over-year, bringing in $1.76 billion in income. It now accounts for 26% of complete gross sales.
The corporate additionally introduced its board of administrators has authorized a quarterly money dividend on its frequent inventory of $3.60 per share.
Broadcom provided fourth quarter income steerage of roughly $7.35 billion, an anticipated improve of 14% from the prior 12 months interval.
Analysts expect income of $6.75 billion.