Broadcom pops as Q1 results, guidance beat expectations
Justin Sullivan/Getty Images News
Broadcom (NASDAQ:AVGO) shares jumped after it reported first-quarter results that beat expectations.
The chipmaker said it earned $8.39 per share for the period ending January 30, while generating $7.71 billion in sales. Analysts were expecting the company to earn $8.13 per share and $7.61 billion in sales.
Free cash flow from operations came in at $3.385 billion during the period. 
"Broadcom's record first quarter results were driven by strong enterprise demand, and continued investments in next generation technology by hyperscale and service providers," said Hock Tan, President and Chief Executive of Broadcom. "Our second quarter outlook projects year-over-year growth to accelerate."
In addition, the company said second-quarter revenue would be approximately $7.9 billion, compared to expectations of $7.42 billion. 
Broadcom's (AVGO) board of directors also approved a quarterly dividend of $4.10 per share, payable on March 31, 2022 to shareholders of record on March 22, 2022.
Broadcom shares rose slightly more than 3% to $596.08 in after-hours trading. 
The company will host a conference call at 5 p.m. EST to discuss the results.
Last month, a U.S. Appeals court threw out a $1.1 billion judgement against Apple (NASDAQ:AAPL) and Broadcom (AVGO) for patent infringement.