![]() With more than $12 billion in cash on its balance sheet, management thought it best to buy back $10 billion worth of shares by the end of next year, which will of course boost future earnings per share. It comes as little surprise then that Broadcom would be one to greatly benefit from the sector's propitious climate.īroadcom reported net income of $1.91 billion on revenue of $7.41 billion. Nvidia (NVDA) Stock News: Broadcom makes sector smileĭuring this moment when supply constraints have boosted the price of most semiconductor chips, the entire sector is earning record profits. Nvidia (NVDA) stock opened higher on Friday alongside the entire semiconductor sector after competitor Broadcom (AVGO) reported solid quarterly earnings after the market closed on Thursday and announced it would complete a $10 billion buyback program by the end of 2022. Broadcom said it would buy back $10 billion in shares.FTC sued NVIDIA to block its merger with Arm on December 2.
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