Broadcom Shares Surge 12% After Strong Earnings Report
Broadcom’s shares closed 12% higher on Thursday after the company reported earnings for the second financial quarter that exceeded analysts’ expectations and showed strong demand for products with artificial intelligence.
Surpassing Expectations
Broadcom reported earnings per share of $10.96, beating analysts’ expectations of $10.84 per share. The company also reported revenue of $12.49 billion, exceeding expectations of $12.03 billion.
Strong Sales Outlook
The chip maker stated that it expects sales to reach around $51 billion during fiscal year 2024, surpassing the company’s previous forecasts and slightly above analysts’ expectations of $50.42 billion.
Benefiting from AI Investments
Analysts see Broadcom as a beneficiary of growing investments in artificial intelligence.
