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Broadcom (AVGO) reported fiscal first-quarter results that topped analysts’ expectations, sending shares higher in extended trading Thursday.
The chipmaker’s revenue grew 25% year-over-year to $14.92 billion, above the analyst consensus from Visible Alpha. Adjusted net income came in at $7.82 billion, up from $5.25 billion a year earlier and ahead of expectations.
The gains came as Broadcom’s AI revenue surged 77% to $4.1 billion. CEO Hock Tan said the company expects «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 projected total second-quarter revenue of $14.9 billion, slightly above the analyst consensus of $14.82 billion.
The results also come after a report earlier this week that Broadcom has been running tests of Intel’s (INTC) chipbuilding process for possible manufacturing contracts. Broadcom has reportedly considered buying Intel’s chip design arm.
Shares of Broadcom jumped 9% in extended trading Thursday following the release. Despite a tough start to 2025, they’ve gained over 27% in the past 12 months through the closing bell.
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