Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Broadcom Reports Upbeat Guidance as Results Beat in Q1

Published 2022-03-03, 04:38 p/m
© Reuters.
AVGO
-
AVGO34
-

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.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.