Reported about 1 year ago
Broadcom's (NASDAQ: AVGO) stock surged by 20% this week following the release of fiscal 2024 second-quarter results, with a total gain of over 50% this year. The boost is attributed to the AI infrastructure demand, particularly in data centers, where Broadcom's products are in high demand for connectivity needs. The company reported record revenue of over $3 billion from AI products and a 43% year-over-year increase in total revenue to $12.5 billion. Management also raised the full-year revenue expectations and announced a 10-for-1 stock split, indicating confidence in the company's strong business results.
Source: YAHOO