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.
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“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.