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Broadcom Announced earnings were second fiscal quarter On Wednesday, that beat analysts’ expectations. It also announced a 10-for-1 stock split that will begin trading on a split-adjusted basis on July 15.
The stock rose about 10% in after-hours trading.
Here’s how the company’s results compare to LSEG’s consensus estimates for the quarter ending in May:
- Earnings per share: Adjusted $10.96, expected $10.84
- income: $12.49 billion, expected to be $12.01 billion
The chipmaker expects fiscal 2024 sales of about $51 billion, slightly above the $50.42 billion consensus estimate.
Broadcom’s net profit for the quarter was US$2.12 billion, or US$4.42 per share, compared with US$3.48 billion, or US$8.15 per share, in the same period last year.
Broadcom is one of the chipmakers benefiting from the artificial intelligence boom because its equipment can run the kinds of AI applications that have fascinated the tech industry. Broadcom said $3.1 billion in sales during the quarter could be attributed to revenue from artificial intelligence products.
The company also said revenue from its $69 billion acquisition of enterprise software company VMware end of last yearalso contributed to its sales growth and forecast for the rest of the year.
The company’s overall revenue increased 43% year over year in the quarter. Broadcom said that without VMware’s sales, that number would have increased 12% annually.
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