Broadcom Stock Gains As Q3 Earnings, Outlook Challenge Chip Sector Gloom

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By Martin Baccardax “While consumer IT hardware spending has been reported to be very weak, from our vantage point, infrastructure spend is still very much holding,” said CEO Hock Tan. Broadcom (AVGO) – Get Broadcom Inc. Report shares jumped higher Friday after the chipmaker’s stronger-than-expected third quarter earnings and robust near-term outlook as corporate spending on broadband and IT infrastructure continues to drive demand. Broadcom’s adjusted earnings of $9.73 per share topped Street forecasts by around 16 cents, while revenues rose 25% to an analyst-topping $8.464 billion. Broadband…

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