By Krystal Hur
Broadcom shares surged in premarket trading after the chip maker said quarterly revenue jumped.
Artificial-intelligence revenue jumped 77% from a year earlier to $4.1 billion last quarter. Overall, revenue grew 25% to $14.9 billion, topping analysts' expectations.
Shares were up around 13% in recent trading ahead of the open, having slid Thursday amid a chip-stock selloff.
Broadcom's business has grown rapidly in recent years. It has capitalized on the AI boom by creating custom chips for big-tech names including Meta Platforms and Alphabet.
Still, its stock has been clobbered recently, like those of other chip makers, with tariff uncertainty and weak economic growth weighing on formerly high-flying AI stocks.
More details from Broadcom's quarterly report, out late Thursday:
-- Profit came in at $5.5 billion, or $1.14 per share, compared with $1.3 billion a year earlier.
-- It will pay a quarterly dividend of 59 cents per share.
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(END) Dow Jones Newswires
March 07, 2025 04:33 ET (09:33 GMT)
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