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NEW YORK/FRANKFURT/PARIS (dpa-AFX) – Strong growth figures and a positive outlook for the current financial quarter boosted Broadcom on Thursday in the very weak overall US market. They rose 3.3 percent to $328.05 on the NASDAQ 100, narrowing their annual loss to just over 5 percent.
Broadcom reported a 29 percent increase in sales, an adjusted operating margin of 68 percent and a 34 percent increase in net profit for the first quarter after the US stock market closed on Wednesday. In the three months to the end of April, sales are expected to increase by a surprisingly significant 47 percent and the adjusted margin is expected to maintain its high level.
The group also announced share buybacks worth up to ten billion dollars. Like the global industry leader NVIDIA, Broadcom is also benefiting from the AI boom and high investments by tech companies in data centers.
Analysts praised Broadcom’s goals. Both James Schneider from the US investment bank Goldman Sachs and Stacy Rasgon from Bernstein Research spoke of a very strong quarterly outlook.
Schneider also highlighted that Broadcom boss Hock Tan is targeting sales of AI chips of more than $100 billion for the 2027 financial year – this is likely to be well above investors’ expectations. There are also details about collaboration with other tech giants such as Google (Alphabet C (ex Google)) parent Alphabet (Alphabet A (ex Google)), in particular Meta (Meta Platforms (ex Facebook)), as well as the AI companies Anthropic and OpenAI.
The targeted AI chip sales would mean a significant advance into the market dominated by industry colleague Nvidia, it was said in the market. This was reflected on Thursday in Nvidia shares with a discount of 1.4 percent./gl/tih/men/ck/jha/
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