Analyst Note| Abhinav Davuluri, CFA |
Broadcom reported strong fiscal third-quarter results slightly ahead of our expectations. The firm’s results were buoyed by healthy networking demand led by cloud and enterprise data center spending. Despite slowing consumer demand, Broadcom’s networking, storage, and broadband business units have proven resilient, and the firm’s execution on its software acquisitions such as Symantec and CA Technologies is also admirable. We think Broadcom’s wireless segment should also benefit from Apple’s upcoming iPhone launch in the fiscal fourth quarter.