Broadcom Shares Higher After Earnings Beat, Dividend Hike

Broadcom Ltd. shares rose more than 6% late Thursday after the San Jose, Calif., chip maker formerly known as Avago reported better-than-expected adjusted second-quarter earnings and sales in line with forecasts. Broadcom said it earned $3.56 million, or $2.53 a share, in the second quarter, up from $2.13 a share in the second quarter of 2015. Revenue reached $3.54 million, up from $1.61 million from the year-ago quarter. Analysts polled by FactSet had expected the company to report adjusted earnings of $2.38 a share on sales of $3.55 million. The company also announced an interim dividend of 50 cents a share, up from 49 cents in March. The dividend is payable on June 30 to shareholders of record on June 17.