Shares of Broadcom (NASDAQ:AVGO) slid in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $10.32, which beat analysts’ consensus estimate of $10.12 per share. Sales increased by 7.8% year-over-year, with revenue hitting $8.73 billion. This beat analysts’ expectations of $8.71 billion.
Broadcom turned in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $5.686 billion in its second quarter. It also repurchased 5.6 million shares and paid a $4.60 dividend.
Broadcom management also offered up some guidance for the second quarter, expecting revenue of around $8.85 billion. That’s up 5% against the same time the previous year.
Overall, Wall Street has a consensus price target of $751 on Broadcom, implying 4.77% downside risk, as indicated by the graphic above.
