Stock Alert: Uptrend Continues At Broadcom

(RTTNews) - Shares of semiconductor company Broadcom Inc. (AVGO) have been trending higher after touching a 52-week low of $155.67 on March 18. The stock has gained more than 65% since then. It has recorded a 52-week high of $331.58 on January 24, 2020.

During the lock down, many organizations are forced to allow their employees to work from home. As more data need to be stored, this can come to the advantage of Broadcom whose products are used in data center networking and data center servers.

When the company reported its first-quarter results last month, revenue had increased to $5.858 billion from $5.789 billion. Earnings of $5.25 per share, however, missed the average estimate of 25 analysts polled by Thomson Reuters at $5.33 per share.

Looking forward, for the second quarter, the company expects revenue to be $5.7 billion plus or minus $150 million. The consensus estimate is at $5.69 billion.

Thursday, AVGO was up $0.85 or 0.33% before closing at $258.29.