Broadcom beats Q1 expectations, gives solid Q2 outlook

Broadcom's top and bottom line results were better than expected for the first quarter.

Broadcom on Thursday delivered first quarter financial results slightly above expectations. 

The company's non-GAAP diluted earnings per share came to $6.61. Revenue was $6.655 billion for the first quarter, up 14 percent from the prior year period.

Analysts were expecting earnings of $6.55 per share on revenue of $6.61 billion.

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"This growth reflects the critical role our technology franchises play in this environment of accelerated digital transformation," CEO and President Hock Tan said in a statement. 

By segment, Broadcom's semiconductor business represented 74 percent of total sales in the first quarter. The segment brought in $4.908 billion, up 17 percent year-over-year.

The infrastructure software business grew 5 percent year-over-year, bringing in $1.747 billion in revenue. It now accounts for 26 percent of total sales.

Broadcom offered second quarter revenue guidance of approximately $6.5 billion, an expected increase of 13 percent from the prior year period. 

Analysts are expecting review of $6.33 billion.