Broadcom (NASDAQ: AVGO) reported a sizable earnings beat Thursday night, sending shares of the semiconductor company higher in Friday trading. Instead of the $9.56 per share in pro forma profits that Wall Street expected, Broadcom reported $9.73 for its fiscal third quarter of 2022 -- and sales exceeded expectations as well, coming in at $8.5 billion instead of the Street's expected $8.4 billion.

As of noon ET, Broadcom stock is up 4.7%.

Broadcom's sales were up 25% year over year, and its quarterly earnings grew 70% to $7.15 per share under generally accepted accounting principles (GAAP). But the news was actually even better than that.  

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Source Fool.com