Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday said its first-quarter revenues and adjusted earnings increased year-over-year. The numbers also came in above Wall Street’s expectations.
Earnings, excluding non-recurring items, came in at $10.99 per share in the January quarter, compared to last year’s profit of $10.33 per share. The bottom line beat estimates. Unadjusted net income was $1.33 billion or $2.84 per share in Q1, vs. $3.77 billion or $8.80 per share in the first quarter of 2023.
First-quarter revenues totaled $11.96 billion, compared to $8.92 billion last year. Analysts had forecast a slower growth. The management said it expects fiscal 2024 revenues to be around $50 billion.