Broadcom, Inc. (NASDAQ: AVGO) Thursday reported stronger-than-expected earnings and revenues for the first quarter of 2022. The chipmaker’s stock made strong gains soon after the announcement in after-hours trading.
Earnings were $8.39 per share for the first quarter, up from last year’s profit of $6.61 per share. Unadjusted net profit was $2.47 billion or $5.59 per share, compared to $1.38 billion or $3.05 per share in the first quarter of 2021. Analysts had predicted a smaller number for the most recent quarter.
Driving the bottom-line growth, first-quarter revenues increased 16% annually to $7.71 billion and exceeded the Street view.
“Broadcom’s record first-quarter results were driven by strong enterprise demand and continued investments in next-generation technology by hyper-scale and service providers. Our second-quarter outlook projects year-over-year growth to accelerate,” said Broadcom’s CEO Hock Tan.
Broadcom’s stock has gained about 16% in the past six months, often outperforming the market. The stock closed Thursday’s regular session lower but gained in the extended session soon after the announcement.
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