Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Wednesday said its first-quarter fiscal 2026 revenues and adjusted earnings increased year-over-year. The numbers came in above Wall Street’s expectations. The company also issued guidance for the second quarter.
Earnings, excluding non-recurring items, came in at $2.05 per share in the January quarter, compared to last year’s profit of $1.6 per share. The bottom line beat estimates. Unadjusted net income was $7.35 billion or $1.50 per share in Q1, versus $5.50 billion or $1.14 per share in the first quarter of 2025.
First-quarter revenues totaled $19.31 billion, compared to $14.92 billion last year. Analysts had forecast a slower growth. Semiconductor Solutions revenue jumped 52% year-over-year, and Infrastructure Software revenue edged up 1%.
The management said it expects fiscal 2026 second-quarter revenues to be around $22.0 billion. The guidance for Q2 Adjusted EBITDA is approximately 68 percent of projected revenue.
Broadcom’s board has approved a quarterly cash dividend of $0.65 per share, payable on March 31, 2026, to stockholders of record at the close of business on March 23, 2026. It also authorized a new share repurchase program to repurchase up to $10 billion of its common stock through December 31, 2026.
“Broadcom achieved record first-quarter revenue on continued strength in AI semiconductor solutions. Q1 AI revenue of $8.4 billion grew 106% year-over-year, above our forecast, driven by robust demand for custom AI accelerators and AI networking. Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be $10.7 billion in Q2,” said Hock Tan, CEO of Broadcom.