Broadcom shares soar 16% as earnings top estimates on demand for custom AI chips

Broadcom reported first-quarter earnings on Thursday that topped analysts' expectations, and the chipmaker offered strong guidance for the current quarter. The stock jumped 16% in extended trading. Here's how the company did versus LSEG consensus estimates: Earnings per share: $1.60 adjusted vs. $1.49 expected $1.60 adjusted vs. $1.49 expected Revenue: $14.92 billion vs. $14.61 billion expected Broadcom said it expects about $14.9 billion in second-quarter revenue, higher than the $14.76 billion forecast by Wall Street analysts. Revenue in the last quarter rose 25% from $11.96 billion a year earlier. The company said net income increased to $5.5 billion, or $1.14 per share, from $1.33 billion, or 28 cents per share, in the same period last year. Broadcom's artificial intelligence business is at the center of the company's recent boom, which saw its stock price more than double last year. The company is one of the primary data center infrastructure vendors for AI, working both o ... Read full article.