Chip manufacturer Broadcom, Inc. (NASDAQ: AVGO) Thursday reported higher adjusted earnings and earnings for the first quarter of 2023.
Net earnings for the first three months of the fiscal year were $10.33 per share on an adjusted basis, up from $8.39 per share last year. Unadjusted net income increased to $3.77 billion, or $8.80 per share, from $2.47 billion, or $5.59 per share, in the first quarter of 2022.
First quarter revenue, the ultimate growth driver, increased 16% for the year to $8.92 billion. The company generated $4.036 billion in cash from operations and spent $103 million on capital expenditures during the quarter.
check this space To read management/analyst commentary on Broadcom’s first quarter earnings
“Broadcom’s first quarter results reflect the continued strength of infrastructure demand in all end markets,” said Hok Tan, CEO of Broadcom.
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