Broadcom stock is jumping after the company reported stronger-than-expected earnings—and that could be good news for shares of Nvidia and other chip companies.
After Thursday’s close, Broadcom reported a profit of $8.39 per share, beating forecasts for $8.23, on sales of $7.7 billion, edging out predictions for $7.5 billion. Broadcom also raised its second-quarter guidance to $7.9 billion, ahead of the consensus for $7.4 billion. Broadcom stock has gained 2.5% to $593.27 at 10:01 a.m.
“Overall,…
