Broadcom shares surged following record first-quarter fiscal 2026 results that exceeded analyst expectations. The company reported Q1 revenue of $19.31 billion. Management projected second-quarter revenue of approximately $22.0 billion, surpassing consensus estimates.
CEO Hock Tan projected that artificial intelligence-related chip revenue will exceed $100 billion in fiscal year 2027. This forecast signals massive demand and improved visibility for the company's AI segment. Growth is supported by partnerships with Google, Meta, OpenAI, and Anthropic.
The company authorized a new $10 billion share repurchase program. Broadcom's stock rose significantly in pre-market and regular trading on March 5. These gains followed the earnings announcement made after the market close on March 4.