Broadcom Q1 Revenue Up 29% as AI Sales Double to $8.4B
Broadcom reported fiscal Q1 revenue of $19.31B, up 29% year-over-year, driven by AI-related sales doubling to $8.4B and lifting shares 6%. CEO Hock Tan projected AI chip revenue to exceed $100B by 2027 with six hyperscaler customers and unveiled a $10B buyback plan.
1. Fiscal First-Quarter Results
Broadcom reported fiscal Q1 revenue of $19.31B, a 29% increase year-over-year, with adjusted earnings of $2.05 per share. AI-related sales more than doubled to $8.4B, driving a 6% share gain in early trading.
2. AI Infrastructure Outlook
CEO Hock Tan highlighted support from six hyperscaler customers and projected AI chip revenue exceeding $100B by 2027, underpinned by demand for custom accelerators and networking products that now account for roughly 40% of AI sales.
3. Share Repurchase Program
The company announced a new $10B share buyback plan aimed at returning capital to shareholders and bolstering stock performance, coinciding with robust demand for its AI infrastructure offerings.