Broadcom Inc reported first-quarter financial results after the market close on Thursday. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Broadcom reported first-quarter revenue of $14.92 billion, beating analyst estimates of $14.61 billion. The semiconductor company reported first-quarter adjusted earnings of $1.60 per share, beating analyst estimates of $1.49 per share
Total revenue was up 25% on a year-over-year basis, driven by strength in AI semiconductor solutions and infrastructure software. Broadcom generated $6.11 billion in cash from operations and $6.01 billion in free cash flow during the quarter. The company ended the quarter with approximately $9.31 billion in cash and cash equivalents.
“Q1 AI revenue grew 77% year-over-year to $4.1 billion and infrastructure software revenue grew 47% year-over-year to $6.7 billion,” said Hock Tan, president and CEO of Broadcom.
We expect continued strength in AI semiconductor revenue of $4.4 billion in Q2, as hyperscale partners continue to invest in AI XPUs and connectivity solutions for AI data centers.”
Broadcom’s board approved a quarterly cash dividend of 59 cents per share, payable on March 31 to shareholders of record as of March 20.
Outlook: Broadcom expects second-quarter revenue of approximately $14.9 billion, versus estimates of $14.76 billion. The company anticipates first-quarter adjusted EBITDA of approximately 66% of projected revenue.
