Broadcom delivered better-than-expected second quarter results on strong demand for its data center wares.
The company, best known for trying to recently acquire Qualcomm, reported second quarter net income, including discontinued operations, of $3.73 billion, or $8.33 a share, on revenue of $5.01 billion, up 20 percent from a year ago. Non-GAAP earnings for the second quarter were $4.88 a share.
Wall Street was expecting Broadcom to report non-GAAP second quarter earnings of $4.76 on revenue of $5 billion.
Broadcom CEO Hock Tan said the company continues to be “robust and sustainable.” Enterprise storage showed the most growth with second quarter revenue of $1.16 billion, up 63 percent from a year ago. Wired infrastructure had $2.29 billion in revenue, up 9 percent from a year ago.
As for the outlook, Broadcom said its third quarter results will be better than expected with revenue of $5.05 billion give or take $75 million.
During the quarter Broadcom relocated to the U.S. moving from Singapore to Delaware.