Broadcom Inc. (NASDAQ:AVGO) reported better-than-expected financial results for the first quarter of fiscal 2026 after the close on Wednesday.

The company reported first-quarter revenue of $19.31 billion, beating analyst estimates of approximately $19.20 billion. The company posted adjusted earnings of $2.05 per share for the quarter, beating analyst estimates of $2.02 per share, according to Benzinga Pro.

"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," said Hock Tan, president and CEO of Broadcom.

Broadcom expects fiscal second-quarter revenue of approximately $22 billion versus estimates of $20.68 billion. The semiconductor company anticipates second-quarter adjusted EBITDA at 68% of projected revenue.

Broadcom shares gained 4.3% to $331.10 in the pre-market trading session.

These analysts made changes to their price targets on Broadcom following earnings announcement.

• B of A Securities analyst Vivek Arya maintained Broadcom with a Buy and lowered the price target from $500 to $450.
• Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy and raised the price target from $450 to $500.
• Evercore ISI Group analyst Mark Lipacis maintained Broadcom with an Outperform rating and raised the price target from $490 to $582.

Considering buying AVGO stock? Here’s what analysts think:

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