Broadcom, Inc. (NASDAQ: AVGO) on Thursday said its second-quarter 2023 earnings and revenues increased year-over-year. The chipmaker also provided guidance for the third quarter.
Earnings, excluding non-recurring items, came in at $10.32 per share in the April quarter, up from last year’s earnings of $9.07 per share. Unadjusted net income climbed to $3.48 billion or $8.15 per share in Q2 from $2.59 billion or $5.93 per share in the second quarter of 2022.
Revenues increased 8% annually to $8.73 billion in the three-month period, driving the bottom-line growth. The management expects third-quarter revenues to be $8.85 billion and adjusted EBITDA to be 65% of revenues.
“Broadcom’s second-quarter results were driven by demand for next-generation technologies from hyperscale, while enterprise and service providers continued to sustain,” said Broadcom’s CEO Hok Tan.
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