Broadcom shares surged more than 14% in extended trading Wednesday after the chip and software maker delivered better-than-expected quarterly results, driven by strong artificial intelligence and VMware demand. Broadcom also raised its full-year outlook and announced a 10-for-1 stock split. Revenue in the Club name's fiscal 2024 second quarter ended May 5 increased 43% year over year to $12.5 billion, outpacing analysts' forecasts of $12.
mountain Broadcom YTD The stock closed Wednesday at a record high just under $1,500 per share and has gained roughly 34% year to date. Based on its current price post-market, the stock could open Wednesday near $1,700. Quarterly commentary Semiconductor solutions revenue grew 6% year over year to $7.2 billion, beating expectations, as continued strength in AI-related sales more than offset ongoing cyclical weakness in revenue from enterprises and telecommunications companies.
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