By Allison Prang
Broadcom Inc.’s net revenue rose by a double-digit percentage in the company’s first quarter in particular lifted by its semiconductor segment.
Net revenue at the company increased 14% from a year earlier to $6.66 billion, and was above the analyst consensus from FactSet of $6.62 billion. Net revenue jumped 17% in the company’s semiconductor solutions segment.
The chipmaker’s first-quarter net income rose to $1.38 billion, up from $385 million a year ago. Earnings were $3.05 a share, up from 74 cents a share. Adjusted earnings were $6.61 a share. According to FactSet, analysts were expecting $6.56 a share.
The company’s operating expenses fell 17%.
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(END) Dow Jones Newswires
March 04, 2021 16:49 ET (21:49 GMT)
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Read More: Broadcom’s Net Revenue Increases 14% in 1Q