Broadcom (AVGO) Tops Q3 Earnings on Robust Top-Line Growth

#Broadcom Limited AVGO reported impressive third-quarter fiscal 2017 results. Earnings were $4.10 per share in the reported quarter, which beat the Zacks Consensus Estimate by 7 cents. The figure surged 43% from the year-ago quarter and 11.2% sequentially. Non-GAAP revenues from continuing operations were $4.47 billion, which increased 17.5% from the year-ago quarter and 6.3% on a sequential basis. The figure was in line with management's guidance and better than the Zacks Consensus Estimate. The strong top-line growth was driven by robust performance by the wireless business, which is expected to continue in the fiscal fourth quarter. Higher industrial re-sales also drove revenues. Foxconn was the only direct customer that contributed more than 10% revenues in the reported quarter. Broadcom now expects fourth-quarter revenue growth in the double-digit range on a year-over-year basis, much similar to the second and third quarter. Gross margin is expected to contract slightly due to unfavorable product mix (higher mix of low margin wireless business). Broadcom Limited Price, Consensus and EPS Surprise

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