Chipmaker Broadcom, Inc. (NASDAQ: AVGO) Thursday reported higher adjusted earnings and revenues for the first quarter of 2023.
Net profit was $10.33 per share in the first three months of the fiscal year, on an adjusted basis, up from last year’s earnings of $8.39 per share. Unadjusted net income climbed to $3.77 billion or $8.80 per share from $2.47 billion or $5.59 per share in the first quarter of 2022.
Driving the bottom-line growth, first-quarter revenues increased 16% annually to $8.92 billion. The Company generated $4,036 million in cash from operations and spent $103 million on capital expenditures during the quarter.
Check this space to read management/analysts’ comments on Broadcom’s Q1 earnings
“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.,” said Broadcom’s CEO Hok Tan.
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