Broadcom beats earnings expectations as chip revenue grows 20%
Semiconductor firm Broadcom Inc. reported higher-than-expected revenue today thanks to huge demand for its computer chips.
It offered a bullish forecast too, saying demand from cloud infrastructure companies and service providers shows no sign of slowing down.
The company reported a second-quarter profit before certain costs such as stock compensation of $6.62 per share. Overall revenue rose 15% from a year ago, to $6.61 billion. Wall Street had been modeling a profit of $6.43 per share on revenue of $6.5 billion.
Broadcom Chief Executive Hock Tan said customers have been clamoring for the company’s computer chips in multiple markets, helping its semiconductor revenue grow by 20% year-over-year.