Broadcom (AVGO) has reported its fiscal first-quarter earnings and has beat Wall Street’s targets. The company earned an adjusted $1.60 a share on sales of $14.92 billion in the quarter ended February 2.
Analysts had expected earnings of $1.51 a share on sales of $14.62 billion in fiscal Q1. On a year-over-year basis, Broadcom increased earnings by 45% while sales advanced 25%.
The company’s artificial intelligence chips and infrastructure software drove its better-than-expected results. Chief Executive Hock Tan attributed the success to continued strength in AI semiconductor revenue, which is expected to grow to $4.4 billion in Q2.
AVGO stock rose over 8% in after-hours trading, bringing its year-to-date loss to 22.6%. The company’s custom AI server chips are used by major tech companies such as Alphabet’s Google and Facebook parent Meta Platforms, among others.
Source: https://www.investors.com/news/technology/avgo-stock-broadcom-fiscal-q1-2025-earnings