Why Broadcom Stock Gained Today

Shares of Broadcom (NASDAQ: AVGO) have gained today, up by 3% as of 12:40 p.m. EDT, after the company reported fiscal third-quarter earnings. The results topped expectations and Broadcom issued an optimistic outlook.

Revenue in the fiscal third quarter was $5.82 billion, ahead of the $5.76 billion in sales that Wall Street was looking for. That translated into adjusted earnings per share of $5.40, beating the consensus estimate of $5.24 per share in adjusted profits. Adjusted EBITDA was $3.3 billion and free cash flow was $3.1 billion.

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Source Fool.com