Broadcom Inc (NASDAQ:AVGO, XETRA:1YD) reported fiscal first quarter results that exceed forecasts driven by continued strength in artificial intelligence semiconductor solutions.

For the quarter ended February 1, 2026, the company posted revenue of $19.31 billion, up 29% from a year earlier, and ahead of estimates of $19.18 billion.

GAAP net income was $7.35 billion, or $1.50 per diluted share. On a non-GAAP basis, net income was $10.19 billion, with diluted earnings per share of $2.05, above the consensus of $2.03.

Adjusted EBITDA rose 30% from the prior year to $13.13 billion, or 68% of revenue.

“Broadcom achieved record first quarter revenue on continued strength in AI semiconductor solutions,” Broadcom CEO Hock Tan said in a statement. “Q1 AI revenue of $8.4 billion grew 106% year-over-year, above our forecast, driven by robust demand for custom AI accelerators and AI networking. Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be $10.7 billion in Q2.”

For the second quarter of fiscal 2026, Broadcom guided to revenue of approximately $22 billion, which would represent a 47% increase from the prior-year period and is above estimates of $20.56 billion, and adjusted EBITDA of about 68% of projected revenue.

The company also announced a quarterly common stock dividend of $0.65 per share and unveiled a new $10 billion share repurchase program.

Shares of Broadcom were little changed following the release, trading up about 0.3% at about $318 after Wednesday’s closing bell.