Broadcom+2.86%
Broadcom's revenue in Q1 rises 16% to $8.9B
Broadcom Inc. announced on Thursday that its revenue for the first quarter of fiscal 2023 increased 16% on an annual level to reach $8.9 billion. In the reported period, net income came in at $3.8 billion, surging 52% when compared to the same timeframe in 2022. Diluted earnings per share in the first trimester amounted to $8.80, soaring from $5.59 registered during the same three months a year prior.
As per the second-quarter guidance, Broadcom estimates that the revenue will stand at $8.7 billion. "Broadcom's first quarter performance reflects continued strength in infrastructure demand across all our end markets. Looking ahead, we are confident our growth will be driven by sustained leadership in next generation technologies across all of our core markets, and strong partnerships with our customers," CEO Hock Tan commented.
The company's stock rose 1.12% in the after-hours trading following the release of the report.