Broadcom Down In Pre-market After Revenue Outlook Falls Shy Of Estimates

(RTTNews) - Shares of Broadcom Inc. (AVGO) are down more than 3% in pre-market at $886.2 on Friday after the chip maker provided fourth-quarter revenue outlook below the Street view.

For the fourth quarter, the company expects revenue to be about $9.27 billion, lower than the average estimate of 24 analysts polled by Thomson-Reuters of $9.28 billion.

Broadcom reported a profit of $3.303 billion or $7.74 per share in the third quarter, higher than $3.074 billion or $7.15 per share in the same quarter a year ago.

Excluding one-time items, earnings were $10.54 per share, that beat the consensus estimate of $10.42 per share.

Revenue for the quarter increased 5% year-on-year to $8.876 billion. Analysts were expecting for a revenue of $8.86 billion.

AVGO closed at $922.89, up 3.43% on Thursday. It has traded in the range of $415.07 - $923.67 in the last 1 year.