Broadcom announced its financial report for the first quarter of fiscal year 2023
Broadcom recently announced its first-quarter financial results for the fiscal year 2023, showing revenue of $8.915 billion, an increase of 16% compared to the same period last year. The semiconductor solutions division accounted for $7.107 billion of revenue, an increase of 21% from the same period last year, while the infrastructure software division’s revenue was $1.808 billion, a 1% decrease from the same period last year.
As for net profit, it reached $3.774 billion, a 53% increase compared to last year. Meanwhile, Broadcom expects second-quarter revenue to reach $8.7 billion, an expected increase of 8%.
Broadcom CEO Hock Tan stated that the recent growth in the application of automated AI technology has driven more demand for cloud collaboration computing, which has also greatly increased the demand for network chips, creating greater growth opportunities for Broadcom products.
Regarding the announcement in late May last year that it would acquire VMware for $61 billion, Broadcom stated that it is still waiting for regulatory agencies around the world to approve the deal, which may face delays, changes, or additional acquisition costs. It also explained that factors such as pandemics and wars may still affect product manufacturing and supply.
In a previous interview, Hock Tan stated that Broadcom will continue to pursue more external acquisition deals, including considering the acquisition of semiconductor-related companies.