Broadcom Trading Up 4% On Earnings, Outlook

(RTTNews) - Shares of semiconductor company Broadcom Inc. (AVGO) are climbing more than 4% Friday morning on better-than-expected third-quarter earnings. The company also provided fourth-quarter revenue guidance, higher than analysts' view.

The company posted earnings on an adjusted basis of $5.40 per share compared with the average estimate of analysts polled by Thomson Reuters of $5.24 per share.

Revenue for the quarter increased 6% year-over-year at $8.821 billion.

For the fourth quarter, Broadcom expects revenue to be $6.4 billion plus or minus $150 million. The consensus estimate is at $6.2 billion.

The Company's Board of Directors approved a quarterly cash dividend of $3.25 per share payable on September 30, to stockholders of record on September 22.

AVGO is currently trading at $369.06, nearing to its 52-week high of $378.96.