Morning News Leader: Broadcom (AVGO) Stock Gaps Higher on Q1 Earnings Beat
Broadcom Inc. (AVGO) is up 9.8% Friday following the company’s first-quarter report. Broadcom posted Q1 earnings of $5.55 per share, well above the $5.22 consensus. Revenue was $5.789 billion, just shy of the consensus $5.82 billion.
Broadcom Inc. (AVGO) makes semiconductors.
Ulta Beauty, Inc. (ULTA) and Amazon.com, Inc. (AMZN) top the list of other companies with positive news today, while Adobe Inc. (ADBE) and The Buckle, Inc. (BKE) top the list of companies with negative news.
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About Broadcom Limited
Broadcom--the combined entity of Broadcom and Avago--boasts a highly diverse product portfolio across an array of end markets. Avago focused primarily on radio frequency filters and amplifiers used in high-end smartphones, such as the Apple iPhone and Samsung Galaxy devices, in addition to an assortment of solutions for wired infrastructure, enterprise storage, and industrial end markets. Legacy Broadcom targeted networking semiconductors, such as switch and physical layer chips, broadband products (such as television set-top box processors), and connectivity chips that handle standards such as Wi-Fi and Bluetooth. The company recently acquired Brocade and CA Technologies to bolster its offerings in enterprise storage and mainframe software, respectively.