Microchip and semiconductor company Broadcom (AVGO) has reported quarterly financial results that beat the consensus forecasts on Wall Street.
The company announced earnings per share (EPS) of $3.32 U.S., which topped the $3.24 U.S. consensus expectation of analysts.
Revenue in what was the year’s second quarter totaled $29.59 billion U.S., which beat the $29.36 billion U.S. consensus estimate on Wall Street. Sales were up 86% from a year ago.
While the latest print was strong, Broadcom issued forward guidance that is slightly below what analysts had penciled in for the company.
Management at Broadcom said they expect revenue in the current quarter of $34.8 billion U.S., while fell short of the $35.03 billion U.S. estimated among analysts who cover the company.
Broadcom has been a winner in the current artificial intelligence (A.I.) boom, designing custom chips for Alphabet (GOOGL), Meta Platforms (META), and privately held startup OpenAI.
During the second quarter, Apple (AAPL) announced that it will spend more money with Broadcom to help boost its U.S. microchip production.
On the company’s earnings call, Broadcom CEO Hock Tan said the company will deliver tens of billions of dollars of processors to Alphabet each year going forward.
The CEO added that for its 2027 fiscal year, Broadcom is looking to double it’s A.I. revenue to $115 billion U.S., with plans to double it again to $230 billion U.S. in fiscal 2028.
AVGO stock has risen 22% over the last 12 months to trade at $367.24 U.S. per share.
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