2026-03-04 23:12:34

$AVGO

Broadcom beat targets in fiscal Q1 and guided above expectations on AI strength.
AVGO late Wednesday beat Wall Street targets for its fiscal first quarter and shared a revenue outlook for the current period that is clearly above expectations.
The chip designer and infrastructure software provider reported adjusted EPS of $2.05 on sales of $19.31B for the quarter ended Feb. 1. In a FactSet survey, analysts expected EPS of $2.03 and sales of $19.26B for fiscal Q1. Year over year, Broadcom’s profit rose 28% and sales increased 29%.
For the current quarter ending May 3, Broadcom forecast revenue of $22B, which implies 47% growth versus the same quarter last year. Analysts were modeling $20.5B of fiscal Q2 sales.
Broadcom reached record first-quarter revenue thanks to continued strength in its AI semiconductor solutions, CEO Hock Tan said in the press release. Q1 AI revenue grew 106% year over year to $8.4B; this came in above our estimate and was driven by strong demand for custom AI accelerators and AI networking products.
Tan added, “Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be $10.7B in Q2.”
On the conference call with analysts, Tan said Broadcom now has six AI chip customers after adding a new unnamed customer.

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