Broadcom Rides Soaring Chip Demand to Q2 Results Beat By Investing.com

By Yasin Ebrahim

Broadcom (NASDAQ:AVGO) reported on Thursday fiscal second-quarter results that topped expectations as sales were driven higher by an ongoing surge in 5G demand.

Shares were little changed in after-hours trade following the report.

Broadcom announced earnings per share of $6.62 on revenue of $6.61B. Analysts polled by Investing.com anticipated EPS of $6.43 on revenue of $6.51B.

The demand for semiconductor that has been ramped up by the ongoing chip shortage supply underpinned sales.

“Due to the strength in demand for semiconductors across our multiple end markets, we delivered 20% year-over-year increase in semiconductor revenue,” the company said.

Semiconductor solutions, its core business, rose 20% to $4.82 billion, while infrastructure software climbed 4% to $1.79 billion.

Looking ahead to fiscal Q3, revenues were expected to be $6.75B, topping consensus of $6.59B.

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