Shares of Broadcom (NASDAQ:AVGO) gained over 2.8% in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $10.45 per share, which beat analysts’ consensus estimate of $10.28 per share.
Sales increased by 21% year-over-year, with revenue hitting $8.93 billion. This beat analysts’ expectations of $8.9 billion.
Looking forward, management expects an adjusted EBITDA margin of 63% during the first quarter of 2023.
Overall, Wall Street has a consensus price target of $646.67 on Broadcom, implying 21.77% upside potential, as indicated by the graphic above.
