Broadcom Inc. Exceeds Q1 Revenue and Profit Forecasts
Broadcom AVGO Exceeds Q1 Projections
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) reported substantial growth in first-quarter revenues and adjusted earnings, surpassing market estimates. The bottom line rose to $10.99 per share from $10.33 per share last year, with net income reaching $1.33 billion or $2.84 per share. This compares to last year's $8.80 per share in Q1.
First-quarter revenues notably surged to $11.96 billion, a significant increase from $8.92 billion in the prior year. Despite analyst projections for slower growth, Broadcom outperformed expectations. The company anticipates fiscal 2024 revenues to reach around $50 billion.
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