Broadcom’s (AVGO) first-quarter adjusted earnings per share of $10.99 topped Wall Street estimates of $10.42. Net revenue of $11.96 billion beat the $11.76 billion expectation. However, the semiconductor solutions group posted revenue that fell short of analyst estimates. CFRA Research Senior Equity Analyst Angelo Zino says that in 2023, when it came to AI chips, the only two companies out there were Broadcom and Nvidia (NVDA). In 2024, Zino expects “that same story that you saw in ’23 from Broadcom continues to build here this year.” Zino points to specifically two things driving the networking side of the business: the ethernet switcher business and the custom silicon business. Overall, “there’s a lot of growth attached to that AI story for Broadcom,” Zino says. Yahoo Finance’s Julie Hyman and Josh Lipton break down the results. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor’s note: This article was written by Stephanie Mikulich.
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