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Chipmaker Broadcom, Inc. (NASDAQ: AVGO ) reported higher net income and revenue for the first quarter of 2023.
Net profit was $10.33 per share in the first three months of the fiscal year, on an adjusted basis, up from last year’s earnings of $8.39 per share. Unadjusted net income rose to $3.77 billion or $8.80 per share from $2.47 billion or $5.59 per share in the first quarter of 2022.
Driving underlying growth, first-quarter revenue rose 16% year over year to $8.92 billion. The company generated $4,036 million in cash from operations and spent $103 million on capital expenditures during the quarter.
Check out this space to read management/analyst commentary on Broadcom’s Q1 earnings
“Broadcom’s first-quarter performance demonstrates continued strength in infrastructure demand across all end markets. Going forward, we believe growth will be driven by continued leadership in next-generation technology across all core markets, and strong partnerships with customers,” said Broadcom’s CEO. , Hok Tan.
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