Semiconductor stocks climb higher on Friday thanks to an earnings beat from a major market player!
Broadcom (NASDAQ:AVGO) is leading today’s news with its adjusted earnings per share of $10.45 per share for the fourth quarter of fiscal 2022. That’s better than the $10.28 per share that Wall Street expected. during the quarter. It’s also a jump from the $7.81 per share reported in the same period a year earlier.
Added to that is the semiconductor company’s $8.93 billion in revenue. Again, this is above the $8.9 billion that analysts were expecting for the period. It’s also a 21% increase from the $7.4 billion reported in the fourth quarter of fiscal 2021.
To accompany these positive results, Broadcom is forecasting revenue of $8.9 billion for its first fiscal quarter of 2023. That would see it beat Wall Street’s estimate of $8.8 billion for the quarter.
Investors were previously worried about semiconductor stocks as several companies, including Broadcom, warned of waning interest in PCs. However, today’s news is pushing stocks higher. Let’s review below!
Semiconductor Stocks Today
- AVGO stock starts us off with a 3.2% rise in the company’s stock on Friday.
- Nvidia (NASDAQ:NVDA) shares are next on our list, with the company’s stock gaining 1.8% to date.
- Intel (NASDAQ:INTC) closes our list of semiconductor stocks up today with a slight increase this afternoon.
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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.