Broadcom Q2 Earnings: Revenue, EPS Beat Driven By Strong AI Demand, Guidance Raise, Stock Split And More

Benzinga

2024-06-13 00:44

Broadcom reported second-quarter revenue of $12.487 billion, beating analyst estimates of $12.028

　　Broadcom Inc AVGO reported second-quarter financial results after the market close on Wednesday. Heres a look at the key metrics from the quarter.

　　Q2 Earnings:Broadcom reported second-quarter revenue of $12.487 billion, beating analyst estimates of $12.028 billion, according to Benzinga Pro. The semiconductor company reported second-quarter earnings per share of $10.96, beating analyst estimates of $10.84. Broadcom has now beat EPS estimates in 16 consecutive quarters.

　　Broadcom generated $4.58 billion in cash from operations during the quarter. The company ended the quarter with $9.809 billion in cash and cash equivalents.

　　“Broadcoms second quarter results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1 billion during the quarter. Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds,” said Hock Tan, president and CEO of Broadcom Inc.

　　Broadcom declared a quarterly dividend of $5.25 per share. Broadcom also announced a 10-for-1 forward stock split. Shareholders of record as of July 11 will receive nine shares for every one share held. The stock is expected to begin trading on a split-adjusted basis on July 15.

　　Outlook:Broadcom raised its fiscal-year 2024 revenue guidance to approximately $51 billion, up from approximately $50 billion. Analysts currently forecast full-year revenue of $50.42 billion, per estimates from Benzinga Pro. The company also sees full-year adjusted EBITDA at approximately 61% of projected revenue.

　　Management will hold a conference call to discuss these quarterly results at 5 p.m. ET.

　　AVGO Price Action:At the time of publication, Broadcom shares were up 10.53% at $1,653 in after-hours trading, according to Benzinga Pro.

　　Photo: Dennis Diatel from Shutterstock.

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