Broadcom Inc (NASDAQ:AVGO) reported better-than-expected earnings for its fiscal third quarter, but left its guidance unchanged.
The San Jose-headquartered Broadcom, a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions.
Net revenue was $5,515 million, substantially consistent with $5,517 million in the previous quarter and 8.9% higher than $5,063 million in the same quarter last year.
Gross margin was $3,034 million, or 55% of net revenue. This compares with gross margin of $3,089 million, or 56% of net revenue, in the prior quarter, and gross margin of $2,619 million, or 51.7% of net revenue, in the same quarter last year.
Net income, which includes the impact of discontinued operations, was $715 million, or $1.71 per diluted share. This compares with net income of $691 million, or $1.64 per diluted share, in the prior quarter, and net income of $1,196 million, or $2.71 per diluted share, in the same quarter last year.
Cash from operations was $2,419 million in the quarter, compared to $2,247 million in the same quarter last year.
Said CEO Hock Tan, "Our broad portfolio of mission critical semiconductor and infrastructure software solutions, utilized by the world's largest enterprises, continued to drive sustained revenues and robust cash flow despite a challenging market backdrop."
Based on current business trends and conditions, the outlook for continuing operations for fiscal year 2019, ending in early November, includes revenue outlook of $22.5 billion -- that is, $17.5 billion from semiconductor solutions and $5 billion from infrastructure software.
Shares retreated $8.03, or 2.7%, to $292.55
