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Technology Stocks : Semi Equipment Analysis
SOXX 308.38+0.6%Nov 3 4:00 PM EST
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From: Julius Wong6/12/2024 5:11:53 PM
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Broadcom soars as Q2 results, stock split buoy hopes

Jun. 12, 2024 4:25 PM ET
By: Chris Ciaccia, SA News Editor

Sundry Photography

Broadcom (NASDAQ: AVGO) shares jumped 9% in extended-hours trading on Wednesday after the semiconductor and software company reported fiscal second-quarter results and guidance that topped expectations and announced a stock split.

The Hock Tan-led Broadcom now expects full-year revenue to be $51B, above the $50.58B estimate, and above its prior view. Adjusted EBITDA is forecast to be around 61% of full-year revenue.

For the period ending May 5, Broadcom earned an adjusted $10.96 per share as revenue rose 43% year-over-year to $12.49B, including VMware. Excluding VMware, revenue rose 12% year-over-year.

Semiconductor solutions revenue was $7.2B for the period while infrastructure revenue was $5.29B. Revenue from artificial intelligence-related products was $3.1B during the quarter.

A consensus of analysts expected the company to earn $10.80 per share on an adjusted basis, with revenue forecast to be $12.06B.

The company's board of directors also declared a 10-1 stock split, effective July 15 and a quarterly dividend of $5.25 per share, payable to shareholders on June 28 on record as of June 24.

Broadcom will hold a conference call at 5 p.m. EST to discuss the results.
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