Broadcom Corp. (BRCM) Announces Quarterly Earnings, Beats Expectations By $0.06 EPS
Broadcom Corp. (NASDAQ:BRCM) announced its earnings results on Thursday. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06, Analyst Ratings News reports. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis.
Shares of Broadcom Corp. (NASDAQ:BRCM) traded up 2.40% during mid-day trading on Thursday, hitting $31.14. 10,170,968 shares of the company’s stock traded hands. Broadcom Corp. has a 1-year low of $23.25 and a 1-year high of $37.85. The stock has a 50-day moving average of $30.63 and a 200-day moving average of $28.90. The company has a market cap of $18.092 billion and a price-to-earnings ratio of 41.66. Broadcom Corp. also saw unusually large options trading on Wednesday. Stock traders bought 14,278 call options on the stock. This is an increase of approximately 231% compared to the average volume of 4,316 call options.
A number of analysts have recently weighed in on BRCM shares. Analysts at Piper Jaffray initiated coverage on shares of Broadcom Corp. in a research note on Thursday. They set a “neutral” rating on the stock. On the ratings front, analysts at ISI Group initiated coverage on shares of Broadcom Corp. in a research note on Thursday, April 10th. They set a “neutral” rating and a $32.00 price target on the stock. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $32.36.
Broadcom Corporation (NASDAQ:BRCM) is a global semiconductor solution for wired and wireless communications.
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