Broadcom beats earnings estimates, announces 10-for-1 stock split

Broadcom beats earnings estimates, announces 10-for-1 stock split


Igor Golovniov | Lightrocket | Getty Images

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.

The stock rose about 10% in extended trading.

Here’s how the company did versus LSEG consensus estimates for the quarter ended in May:

  • Earnings per share: $10.96 adjusted vs. $10.84 expected
  • Revenue: $12.49 billion vs. $12.03 billion expected

The chipmaker expects about $51 billion in sales during its fiscal 2024 year, an increase over the company’s previous forecast, and slightly higher than consensus expectations of $50.42 billion.

Broadcom reported $2.12 billion in net income during the quarter, or $4.42 per share, versus $3.48 billion in net income, or $8.15 per share, in the year-ago period.

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. For example, Broadcom works with Google, which designs its own AI chip called a TPU.

The company also said revenue from VMware, an enterprise software company it acquired for $69 billion late last year, also contributed to its sales growth and forecast for the rest of the year.

The company’s overall revenue was up 43% on an annual basis during the quarter. Without VMware sales, it would have been up 12% on a year-over-year basis, Broadcom said.



Source

Bitcoin holds above 0,000 while ether rockets to its best week since 2021
Technology

Bitcoin holds above $100,000 while ether rockets to its best week since 2021

Cryptocurrencies extended their rally to end the week, with bitcoin holding steady above the $100,000 level while ether rallied to its best week since 2021. The price of bitcoin was higher by nearly 2% at $103,144.27 on Friday, according to Coin Metrics. Earlier, it rose as high as $104,324.65, its highest level since Jan. 31. For […]

Read More
Tech’s strong ad sales are showing signs of cracking from Trump’s trade war
Technology

Tech’s strong ad sales are showing signs of cracking from Trump’s trade war

Mark Zuckerberg arrives before the inauguration of Donald Trump as the 47th president of the United States takes place inside the Capitol Rotunda of the U.S. Capitol building in Washington, D.C., Monday, Jan. 20, 2025. Kenny Holston | Via Reuters The digital advertising market was sunny enough for investors this past quarter, providing what could […]

Read More
Rippling valued at .8 billion as HR software startup raises 0 million, says IPO not imminent
Technology

Rippling valued at $16.8 billion as HR software startup raises $450 million, says IPO not imminent

From left, Parker Conrad, co-founder and CEO of Rippling, and Kleiner Perkins investor Ilya Fushman speak at the venture firm’s Fellows Founders Summit in San Francisco in September 2022. Rippling Human resources software startup Rippling said Friday that its valuation has swelled to $16.8 billion in its latest fundraising round. The company raised $450 million […]

Read More