Broadcom boosted its full-year revenue outlook thanks to continued demand for its AI product and announced a stock split, sending shares of the US chipmaker higher in extended trading.
The company said now it expected full-year sales of $51bn, up from $50bn and higher than analysts had expected. That came as the company reported second-quarter revenue and adjusted net income that topped consensus expectations.
Broadcom also announced a 10-for-one stock split to take effect after the closing bell on July 11. The stock closed at $1,495.51 on Wednesday after a 2.4 per cent rise, and added a further 12 per cent in after-hours trading.
“Broadcom’s second-quarter results were once again driven by AI demand and VMware,” chief executive Hock Tan said. “Revenue from our AI products was a record $3.1 billion during the quarter.”
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