Broadcom shares rise after earnings beat
Broadcom Ltd. shares rose following an initial wobble in the extended session Wednesday after the chipmaker's quarterly results topped Wall Street estimates. Broadcom shares initially rose 1%, fell 1% and then trended higher for a 3.8% gain to $274 at last check after hours. The company reported fiscal fourth-quarter net income of $636 million, or $1.50 a share, compared with a loss of $632 million, or $1.59 a share, in the year-ago period. Adjusted earnings were $4.59 a share. Revenue rose to $4.84 billion from $4.14 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $4.52 a share on revenue of $4.83 billion. For the fiscal first quarter, Broadcom estimates revenue of $5.22 billion to $5.37 billion. Analysts expect revenue of $4.83 billion.
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