Broadcom reported better-than-expected earnings and revenue and issued a strong forecast for the current period as the chipmaker continues to benefit from the artificial intelligence boom.

Here’s how the company performed in comparison with LSEG consensus:

• Earnings per share: $2.05 adjusted vs. $2.03 estimated
• Revenue: $19.31 billion vs. $19.18 billion estimated

Revenue jumped 29% year over year during the fiscal first quarter, which ended on Feb. 1, according to a statement.

Net income increased to $7.35 billion, or $1.50 per share, from $5.50 billion, or $1.14 per share, in the same quarter a year earlier. Adjusted earnings exclude stock-based compensation and tax adjustments.

For the second quarter, Broadcom said it anticipates a 68% adjusted profit margin, higher than StreetAccount’s 66% consensus. The company said it’s looking for $22 billion in revenue, beating the $20.56 billion average estimate, according to LSEG.

Broadcom helps other companies translate their chip designs into silicon, providing intellectual property and backend technologies before they’re sent off to chip fabrication plants from companies such as Taiwan Semiconductor Manufacturing Company. It’s a role that’s gained importance as Amazon, Google, Meta and Microsoft design customized chips.

AI revenue soared 106% from a year earlier to $8.4 billion, “driven by robust demand for custom AI accelerators and AI networking,” CEO Hock Tan said in the statement.

Tan had called for a doubling of AI revenue in December. He said the company expects AI semiconductor revenue of $10.7 billion this period.

Broadcom reported $12.52 billion in revenue from semiconductor solutions, higher than the $12.25 billion that analysts polled by StreetAccount expected. During the quarter, Broadcom announced new Wi-Fi 8 chips.

For infrastructure software, Broadcom said it generated $6.80 billion in revenue, lower than StreetAccount’s $7.02 billion consensus.

Broadcom said its board authorized up to $10 billion in new share buybacks through 2026.

In December Tan said Anthropic had placed a $10 billion custom chip order. Last week U.S. Defense Secretary Pete Hegseth said the Pentagon would dub Anthropic a “supply chain risk to national security” and President Donald Trump directed government agencies to stop using Anthropic after the AI startup refused to permit uses of its technology for mass domestic surveillance or fully autonomous weapons.

As of Wednesday’s close, Broadcom shares were down 8% so far in 2026, while the S&P 500 index was flat.

Executives will discuss the results on a conference call starting at 5 p.m. ET.

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