Broadcom tops Q2 estimates as AI revenue swells; unveils 10-for-1 stock split

June 12, 2024 4:49 PM EDT -- Broadcom upgraded its annual revenue guidance after reporting Wednesday fiscal second-quarter results that topped expectations, driven by a record AI revenue, and the chipmaker announced a ten-for-one stock split.

Broadcom Inc (NASDAQ: AVGO) surged 8% in afterhours trading following the report.

Broadcom announced adjusted earnings per share of $10.96 on revenue of $12.49B. Analysts polled by anticipated EPS of $10.85 on revenue of $10.85B.

The beat on the top line was boosted by a record $3.1 billion in revenue from AI products during the quarter as infrastructure software revenue accelerated as businesses continue to adopt the "VMware (NYSE: VMW) software stack to build their own private clouds," the company said.

The company also announced a ten-for-one stock split; expected to start on July 15.

Looking ahead, fiscal year 2024 revenue was guided to $51B, up from $50B previously.

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