By Katherine Hamilton
Broadcom posted higher revenue and authorized a share buyback as AI demand continues to drive sales.
The semiconductor and software maker on Wednesday posted a first-quarter profit of $7.35 billion, or $1.50 a share, compared with $5.50 billion, or $1.14 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $2.05, ahead of the $2.03 anticipated by analysts, according to FactSet.
Revenue rose 29% to $19.31 billion. Analysts surveyed by FactSet forecast revenue of $19.26 billion.
Broadcom also said its board authorized a new share buyback program of up to $10 billion.
AI revenue in the quarter more than doubled to $8.4 billion, driven by demand for custom AI accelerators and networking, Chief Executive Hock Tan said.
In the current quarter, Broadcom expects revenue to be $22 billion, above analysts' projection of $20.5 billion.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 04, 2026 16:28 ET (21:28 GMT)
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