Shares in chipmaker Broadcom (AVGO) jumped nearly 6% in pre-market trading on Thursday, after the chipmaker reported first quarter results that beat estimates and issued better-than-expected guidance.
In results released after the market close on Wednesday, Broadcom (AVGO) reported adjusted net revenue of $19.31bn (£14.45bn) for its first fiscal quarter, compared to estimates of $19.26bn.
Adjusted earnings per share (EPS) of $2.05 was also slightly ahead of expectations of $2.03.
The company said its AI revenue grew by 106% year-on-year to $8.4bn.
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Hock Tan, CEO of Broadcom (AVGO), said that AI revenue came in above the company’s forecast and was “driven by robust demand for custom AI accelerators and AI networking”.
“Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be…
