Investing.com – Broadcom reported fiscal first-quarter results Thursday that beat Wall Street estimates as growth in the company’s software business was bolstered by its acquisition of VMware (NYSE:).
Shares of Broadcom Inc (NASDAQ:) fell more than 3% in after-hours trading following the report.
Broadcom reported adjusted earnings of $10.99 per diluted share on revenue of $11.96 billion. Analysts surveyed by Investing.com expected earnings per share of $10.32 on revenue of $11.79 billion.
Semiconductor solutions, its core business, grew 4% to $7.39 billion, supported by “strong” demand for the company’s AI data center networking products and dedicated AI accelerators from hyperscalers, Broadcom said.
while infrastructure software grew 153% to $4.57 billion.
The acquisition of VMware, completed last November, “accelerates revenue growth in our infrastructure software segment,” the company said.
Looking ahead, the company reiterated fiscal 2024 annual revenue guidance of approximately $50.0 billion.