Shares of Broadcom (NASDAQ:AVGO) fell in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $10.54, which beat analysts’ consensus estimate of $10.43 per share.
Sales increased by 5% year-over-year, with revenue hitting $8.88 billion. This beat analysts’ expectations by $20 million.
Looking forward, management now expects revenue and an adjusted EBITDA margin for Q4 2023 of $9.27 billion and 65%, respectively. For reference, analysts were expecting $9.29 billion in revenue.
Overall, Wall Street has a consensus price target of $915.08 on AVGO stock, implying fractional downside risk, as indicated by the graphic above.
