Semiconductor giant Broadcom beats expectations

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Semiconductor giant Broadcom beats expectations
Photo: Evan Vucci/AP/TT

Major semiconductor manufacturer Broadcom beat expectations in its quarterly report after the New York Stock Exchange closed on Thursday.

Earnings per share were $1.95, compared with the $1.86 that analysts on average expected, according to research firm LSEG, CNBC reports.

Sales ended at $18.02 billion, which can be compared to the expected $17.49 billion.

CEO Hock Tan also airs a bright outlook in terms of sales, profits and turnover in the future in a statement.

The report comes at a sensitive time for the AI sector, where concerns about a bubble have grown.

Broadcom's stock has surged 75 percent this year, and the company is now the world's sixth most valuable listed company.

The stock fell 1.6 percent on Thursday ahead of the report. About 15 minutes after the report was released, it had risen 3.5 percent in after-hours trading on the New York Stock Exchange.

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