Broadcom beats earnings estimates, announces 10-for-1 stock split
Summary
Broadcom posted earnings for the second fiscal quarter on Wednesday that beat analyst estimates. It also announced a 10-1 stock split, set to begin trading on a split-adjusted basis on July 15. Heres how the company did versus LSEG consensus estimates for the quarter ended in May: The chipmaker expects about $51 billion in sales during its fiscal 2024 year, an increase over the companys previous forecast, and slightly higher than consensus expectations of $50.42 billion. Broadcom is one of the chipmakers benefitting from the AI boom, because its devices can run the sorts of artificial intelligence applications that have enamored the tech industry. Broadcom said $3.1 billion in sales during the quarter could be attributed to revenue from AI products.
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