Broadcom beats earnings estimates, announces 10-for-1 stock split

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Igor Golovniov | Lightrocket | Getty Images

Broadcom posted earnings for the second fiscal quarter on Wednesday that beat analyst estimates. It also announced a 10-1 stock split, set to begin trading on a split-adjusted basis on July 15.

The stock rose about 10% in extended trading.

Here’s how the company did versus LSEG consensus estimates for the quarter ended in May:

  • EPS: $10.96, adjusted, vs. $10.84 expected
  • Revenue: $12.49 billion vs. $12.01 billion expected

Broadcom’s overall revenue was up 43% on an annual basis during the quarter.

Broadcom is one of the chipmakers who has a credible story that its devices can run the sorts of artificial intelligence applications that have enamored the tech industry. Broadcom said that $3.1 billion in sales could be attributed to revenue from AI products.

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