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Broadcom Reports Strong Q2 Earnings with 43% YoY Growth, Announces 10-for-1 Stock Split, Stock Rises 8%

Jun 12, 2024, 08:20 PM

Broadcom Inc. reported better-than-expected financial results for Q2 2024, with adjusted earnings per share (EPS) of $10.96, surpassing the expected $10.84. The company's revenue reached $12.49 billion, exceeding the forecasted $12.01 billion, marking a 43% year-over-year increase. Broadcom also announced a 10-for-1 stock split, effective July 15, 2024, and projected fiscal year 2024 revenue of approximately $51 billion, up from the estimated $50.58 billion. The company reported a net income of $2.1 billion and attributed its strong performance to robust demand for AI products, which generated a record $3.1 billion in revenue for the quarter. Following these announcements, Broadcom's stock rose by more than 8% in after-hours trading, reaching all-time highs.