3/4, 10:18 PM (Source: TeleTrader)
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Broadcom posts Q1 revenue at $6.7B, up 14% YoY

Broadcom Inc. on Thursday announced its revenue in the first fiscal quarter of 2021 grew 14% on a yearly basis to stand at $6.66 billion. Operating income jumped 157% to $1.84 billion while net income surged 258% to $1.38 billion. Earnings per diluted share were $3.05.

Per segment, the Semiconductor solutions made 17% more in revenue year-on-year, while Infrastructure software's sales increased 5% in the same period.

"We executed well during our first fiscal quarter driving 14% organic growth year on year. This growth reflects the critical role our technology franchises play in this environment of accelerated digital transformation," CEO Hock Tan said in the press release.

The semiconductor maker expects second-quarter revenue to come in at approximately $6.5 billion. Following the release, shares of the company fell 4% in the after-hours trading.

Breaking the News / MD