Share prices of Broadcom (AVGO -4.35%) have tumbled 14.4% so far in 2022 as broader stock market volatility continues to high growth stocks, but the company's fiscal 2022 first-quarter earnings report, released on March 3, could trigger a turnaround and send the stock higher.

Broadcom's revenue and earnings crushed expectations. Its guidance turned out to be solid as well thanks to the robust demand for its connectivity chips, which are used in multiple fast-growing applications such as data centers, smartphones, server storage, among others.

Let's take a closer look at Broadcom's numbers and see why it is a stock worth buying right now.

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Broadcom's growth is set to accelerate

Broadcom's Q1 revenue increased 16% year over year to $7.7 billion, while non-GAAP earnings increased 27% to $8.39 per share. The semiconductor solutions segment produced 74% of Broadcom's quarterly revenue, and it clocked 20% year-over-year growth thanks to strong enterprise spending, 5G network rollouts, and data center upgrades.

The chipmaker's revenue and earnings comfortably exceeded consensus estimates of $8.23 per share in earnings on $7.6 billion in revenue. More importantly, Broadcom's revenue guidance of $7.9 billion for the current quarter is well ahead of the $7.4 billion Wall Street forecast, and it would translate into year-over-year growth of nearly 20%.

Additionally, the company expects adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to come in at 62.5% of revenue this quarter, which would be an acceleration over last year's figure of 60%. So Broadcom's growth is set to switch into a higher gear this quarter. What's more, the tailwinds that led to Broadcom's impressive quarterly performance and sunny guidance seem sustainable for the long run.

The long-term picture is bright

The semiconductor business is the pillar of Broadcom's growth, and the booming demand for chips that are used in various industries should ensure that it continues to win from this market.

The networking business, for instance, is benefiting big time from data center upgrades as they are creating solid demand for Broadcom's switching and routing solutions. More specifically, the rollout of hyperscale data centers by several Broadcom customers has led to large-scale deployments of the company's Ethernet switching components.

Broadcom expects its networking revenue to increase 30% year over year in the current quarter following 33% growth in the previous one. This business accounted for 32% of Broadcom's semiconductor revenue. This segment seems built for long-term growth, as the hyperscale data center market is expected to clock an annual growth of 22% through 2028.

The wireless business is another key driver of Broadcom's semiconductor segment, producing a third of the segment's revenue last quarter. Apple is the primary customer of Broadcom's wireless business -- the iPhone maker struck a $15 billion agreement with Broadcom in 2020 to purchase wireless components for three and a half years. Apple accounted for 20% of Broadcom's revenue in fiscal 2021.

The partnership with Apple could become more fruitful for Broadcom, as the tech giant has expanded its iPhone family with a new entry-level 5G smartphone. The success of the latest iPhone SE could give Broadcom's wireless business a nice boost in the coming years, as a budget-friendly 5G device is expected to help Apple bring millions of more customers into its ecosystem.

Meanwhile, Broadcom is also benefiting from the growing adoption of the Wi-Fi 6 and Wi-Fi 6E wireless standard. The company has shipped over 1 billion Wi-Fi 6 and Wi-Fi 6E modules in three years and claims to be the market leader in this space. The market for these chips is expected to expand at an annual rate of 20% through 2028 and strengthen Broadcom's prospects.

More reasons to buy

Apart from the tailwinds discussed above, Broadcom's dividend is another solid reason to buy the stock. The company sports a dividend yield of 2.8%, and it returned $1.8 billion to shareholders last quarter in the form of a dividend. Broadcom generated $3.38 billion in free cash flow during the quarter, which easily covered its dividend payout.

Broadcom has increased its dividend at an annual rate of 48% since 2011. With the company's growth expected to accelerate, it wouldn't be surprising to see the company raise its payout in the future. In all, Broadcom looks like a top tech stock to buy right now given its pace of growth and the nice yield. What's more, the stock is trading at 33 times trailing earnings -- a discount to the five-year average earnings multiple of 50 -- so investors can scoop up this stock at a relatively cheap valuation right now.