3/3/2022, 10:28 PM (Source: TeleTrader)
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Broadcom's Q1 revenue soars 16% to hit $7.7B

American semiconductor and infrastructure software giant Broadcom Inc. revealed on Thursday that its revenue in the first quarter of fiscal 2022 rose 16% year-over-year to reach $7.7 billion. The company's net income amounted to $2.47 billion, up 80% from the first three months of 2021.

Furthermore, Broadcom's Q1 diluted earnings per share came at $5.59, in comparison to the $3.05 in the first quarter of the previous year. The firm's cash flow from operations was estimated to be $3.4 billion, increasing 9.6% year-over-year.

"Broadcom's record first-quarter results were driven by strong enterprise demand, and continued investments in next-generation technology by hyperscale and service providers. Our second-quarter outlook projects year-over-year growth to accelerate," said Hock Tan, President and CEO of Broadcom Inc.

The company's shares were up 3,34% in after-hours trading after the report was released.

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