Broadcom, which is a stock that Jim Cramer and his team at Action Alerts PLUS own for the portfolio, had earnings last night.
The chipmaker reported fiscal second-quarter revenue of $5.742 billion and non-GAAP diluted earnings per share of $5.14. The company had been expected to report sales of $5.7 billion and earnings of $5.14 a share, based on a FactSet survey of 27 analysts.
In the same period a year ago, the company posted earnings of $5.21 a share on sales of $5.5 billion. It reported net income of $481 million.
"Second quarter results were in-line with our expectations, and saw limited impact from the effects of COVID-19," said Hock Tan, CEO of Broadcom. "Looking ahead, our third-quarter guidance for semiconductors reflects a surge in demand from the cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless. We remain focused on investing in our diverse set of mission-critical semiconductor and software franchises, while carefully managing our expenses in this uncertain environment."
So, for investors looking at Broadcom's quarter, and other semiconductor stocks, what should they know about the stocks in this sector?
Jim Cramer said, "Advanced Micro and Nvidia are the hottest [semiconductor stocks], but Broadcom has the most value."
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