5 Stocks Making Big Moves After Earnings Reports

2. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 60

Shares of Broadcom Inc. (NASDAQ:AVGO) rose to a nearly one-month high in the mid-day trading session on Friday, March 4, 2022, after posting its fiscal first-quarter profit and sales above expectations.

Broadcom Inc. (NASDAQ:AVGO) earned $8.39 per share on an adjusted basis, well above $6.61 per share in the year-ago period. Revenue came in at $7.71 billion, compared to $6.66 billion in the same quarter of 2021. The results exceeded analysts’ average estimate of $8.13 per share for earnings and $7.61 billion for revenue.

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Moving forward, Broadcom Inc. (NASDAQ:AVGO) expects to generate revenue of around $7.9 billion in its fiscal second quarter. This compares to analysts’ average estimate of $7.43 billion.

Commenting on the results, CFO Kirsten Spears said:

“We generated $3.4 billion in free cash flow and are expecting free cash flow to remain strong in the second quarter. Consistent with our commitment to return excess cash to shareholders, we returned $4.5 billion to shareholders in the quarter including $1.8 billion of cash dividends and $2.7 billion of share repurchases.”