Broadcom Ltd (NASDAQ: AVGO) is trading up more than 6 percent following a big earnings beat.
The tech company reported Q2 earnings of $2.53 per share, which came in well ahead of $2.38 estimates. Revenue of $3.54 billion was just a tick below estimates. The company sees Q3 revenue in a range of $3-$4.5 billion, vs. $3.7 billion estimates.
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"We delivered solid second quarter revenue, while exceeding EPS expectations for our first quarter operating as a combined company. Our increased scale and diversity is already proving very resilient, with strong product cycles in our now largest segment, wired, offsetting weaker demand in our enterprise storage and wireless segments," said Hock Tan, President and CEO of Broadcom. "We are expecting a robust third quarter, led by strong growth in wireless revenue, and continued strength in wired networking, and remain confident in our ability to leverage earnings growth as we work towards full integration and achievement of our operating model."
The company also announced quarterly interim dividend of $0.50 per share.
Shares traded recently at $165, up 6.5 percent in the after-hours session.
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