Broadcom stock rallies after hours on earnings beat
Broadcom Inc. shares rallied in the extended session Thursday after the chip maker topped Wall Street earnings estimates. Broadcom shares rose 3% after hours, following a 2.5% decline to close the regular session at $215.97. The company reported third-quarter net income of $1.2 billion, or $2.71 a share, compared with $481 million, or $1.14 a share, in the year-ago period. Adjusted earnings were $4.98 a share. Revenue rose to $5.06 billion from $4.46 billion in the year-ago period. Analysts surveyed by FactSet had estimated $4.83 a share on revenue of $5.06 billion. For the fourth quarter, Broadcom estimates revenue of $5.33 billion to $5.48 billion, while analysts expect revenue of $5.37 billion. At Thursday's close, Broadcom shares were down 16% for the year to date, while the S&P 500 Index is up 7.7% and the tech-heavy Nasdaq Composite Index is up nearly 15%.
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