Shares of Broadcom Inc. (NASDAQ:AVGO) 2.03% to $492.01 in pre trading session on Friday after it released that financial results for its Q3 of fiscal year 2022, and released its quarterly dividends.
President and CEO of Broadcom Inc., Hock Tan stated that Strong demand from the cloud, service providers, and businesses drove Broadcom’s record third quarter profits. They expect solid demand across their end markets to continue in the Q4, reflecting endured investment by their customers of next generation technologies in data centers, broadband, and wireless.
CFO of Broadcom Inc., Kirsten Spears stated that it consolidated sales increased 25% year over year to $8.5 billion and operating profit surged 32%. They achieved free cash flow of $4.3 billion, and they anticipate that free cash flow will be high in the fourth quarter. In the Q3, they returned $3.2 billion to shareholders, including $1.7B in cash dividends and $1.5B in share repurchases. They are still committed to returning surplus capital to shareholders.
The BOD of the Company has decided to a quarterly cash dividend of $4.10 per share on its common stock. Common shareholders of record as of the close of business (5:00 p.m. Eastern Time) on September 22, 2022 will receive the common stock dividend on September 30, 2022.
A $20.00 per share quarterly cash dividend on the company’s Series A 8.00% Mandatory Convertible Preferred Stock has also been approved by the board of directors. Preferred shareholders of record as of the close of business (5:00 p.m. Eastern Time) on September 15, 2022 will receive this dividend on September 30, 2022.
Financial Review; Broadcom Inc. (NASDAQ:AVGO) showed downhill movement -1.42% or -$7.10 to closed at $492.01 following it touch intraday high level of $493.29 with last month Stock price volatility of 3.34%. The total traded volume in the current trading session was 3.19 million shares as evaluate with average 1.99 million shares with total market capitalization reached $209.85 Billion. Its earnings per share for the year were $20.18. Company’s beta coefficient was at 1.10.
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