Investing.com - Broadcom reported Thursday fiscal first-quarter results that topped Wall Street estimates on AI-led chip demand and growth in its software business was bolstered the acquisition of VMware (NYSE:VMW).
Broadcom Inc (NASDAQ:AVGO) fell more than 2% in after-hours trade following the report.
Broadcom reported adjusted earnings of $10.99 per diluted share on revenue of $11.96B. Analysts polled by Investing.com anticipated EPS of $10.40 on revenue of $11.79B.
Semiconductor solutions, its core business, rose 4% to $7.39B, underpinned by "strong" demand for the company's networking products in AI data centers, and custom AI accelerators from hyperscalers, Broadcom said.
The infrastructure software unit saw revenue climb 153% to $4.57B amid a boost from the acquisition of VMware, which closed in November last year.
VMware is "accelerating revenue growth in our infrastructure software segment," the company said.
Looking further ahead, the company reiterated annual fiscal 2024 annual revenue guidance of approximately $50.0 billion.
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