Broadcom (AVGO) Tops Q1 EPS by 6c, Revenues Beat; Offers 2Q Revenues Guidance Above Consensus
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Broadcom (NASDAQ: AVGO) reported Q1 EPS of $6.61, $0.06 better than the analyst estimate of $6.55. Revenue for the quarter came in at $6.66 billion versus the consensus estimate of $6.61 billion.
"We executed well during our first fiscal quarter driving 14% organic growth year on year," said Hock Tan, President and CEO of Broadcom Inc. "This growth reflects the critical role our technology franchises play in this environment of accelerated digital transformation."
"This quarter highlights the strength of our financial model with 14% year over year revenue growth translating to an increase in operating profit of 23%," said Kirsten Spears, CFO of Broadcom Inc. "We continue to deliver strong free cash flow, approximately $3 billion in the quarter, representing 35% growth on a year on year basis."
Broadcom sees Q2 2021 revenue of $6.5 billion, versus the consensus of $6.33 billion.
Based on current business trends and conditions, the outlook for the second quarter of fiscal year 2021, ending May 2, 2021, is expected to be as follows:
- Second quarter revenue guidance of approximately $6.5 billion; and
- Second quarter Adjusted EBITDA guidance of approximately 59 percent of projected revenue
For earnings history and earnings-related data on Broadcom (AVGO) click here.
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