Company news: Broadcom (AVGO) quarterly results beat analysts’ forecasts

Broadcom (AVGO) reported Q2 FY2024 earnings of $10.96 per share (versus $10.32 per share in Q2 FY2023), beating analysts’ consensus estimate of $10.85 per share.

The company’s quarterly revenues amounted to $12.487 bln (+43.0% y/y), strongly beating analysts’ consensus estimate of $12.057 bln.

The company also issued raised guidance for the full FY2024, seeing revenues of approximately $51.0 bln, up from its prior guidance of approximately $50.0 bln versus analysts’ consensus estimate of $50.58 bln.

In addition, Broadcom announced a 10-for-1 stock split of its common stock. Stockholders of record after the market's close on July 11 will receive an additional nine shares of common stock for each share held after the market's close on July 12. At the market's open on July 15 trading is expected to commence on a split-adjusted basis.

AVGO rose to $1,678.00 (+12.20%) in pre-market trading.