Shares of Broadcom (NASDAQ:AVGO) saw little change in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $10.33, which beat analysts’ consensus estimate of $10.17 per share.
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Sales increased by 15.7% year-over-year, with revenue hitting $8.92 billion. This beat analysts’ expectations of $8.9 billion.
Looking forward, management now expects revenue for Q1 2023 to be $8.7 billion. For reference, analysts were expecting $8.6 billion in revenue.
Overall, Wall Street has a consensus price target of $667.43 on Broadcom, implying 11.48% upside potential, as indicated by the graphic above.