Broadcom 1Q Revenue Surges on Artificial Intelligence Demand
By Ben Glickman
Broadcom's revenue rose more than expected in the fiscal first quarter as artificial intelligence continued to boost demand.
The Palo Alto, Calif.-based semiconductor company reported a profit of $1.33 billion, or $2.84 a share, in the quarter ended Feb. 4, compared with $3.77 billion, or $8.80 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $7.94.
Stripping out certain one-time items, adjusted per-share earnings came to $10.99, ahead of the $10.40 forecast by analysts, according to FactSet.
Revenue rose 34% to $11.96 billion, beating the $11.79 billion expected by analysts polled by FactSet.
Chief Executive Hock Tan said the company's acquisition of VMware and strong demand for networking products in artificial intelligence data centers were both driving growth.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
March 07, 2024 16:41 ET (21:41 GMT)
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