Broadcom shares look for direction after earnings beat

Broadcom Ltd. shares searched for direction in the extended session Thursday after the chip maker topped Wall Street estimates for the quarter.

Broadcom AVGO, +2.75% shares traded between slight gains and losses and were last down 1.6% after hours, following a 2.8% gain on the regular session to close at $267.76.

The company reported fiscal first-quarter net income of $6.23 billion, or $15.20 a share, compared with $239 million, or 60 cents a share, in the year-ago period. Excluding benefits from the recent U.S. tax overhaul, adjusted earnings were $5.12 a share. Of the 27 analysts surveyed by FactSet, Broadcom on average was expected to post adjusted earnings of $5.05 a share.

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