Yasin Ebrahim
Investing.com -- Broadcom (NASDAQ:AVGO) reported Thursday first quarter results that beat analysts' forecasts, and guidance that beat Wall Street expectations, underpinned by strong demand.
Broadcom shares gained 3.70% in after-hours trading following the report.
Broadcom announced earnings per share of $8.39 on revenue of $7.71 billion. Analysts polled by Investing.com anticipated EPS of $8.13 on revenue of $7.61 billion. That was also above the company's own guidance for first quarter revenue to come in at $7.6 billion.
Semiconductor solutions, its core business, rose 76% to $5.87 billion, while infrastructure software rose 24% to $1.83 billion.
"Broadcom's record first quarter results were driven by strong enterprise demand, and continued investments in next generation technology by hyperscale and service providers," said Hock Tan, President and CEO of Broadcom Inc. "Our second quarter outlook projects year-over-year growth to accelerate," the company said.
Looking ahead to second quarter revenue was expected to come in at $7.9 billion, compared with Wall Street estimates for $7.42 billion.
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