TMTB: AVGO First take: EOD Wrap

AVGO +9%: Hock strikes again with a beat and raise and announces 10-1 stock split. Raises FY guide to $51B…

AI revs of $3.1B beat bogeys of ~$2.8B and street at $2.5B (+35% q/q!)

"Broadcom's second quarter results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1 billion during the quarter. Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds," said Hock Tan, President and CEO of Broadcom Inc. "We are raising our fiscal year 2024 guidance for consolidated revenue to $51 billion and adjusted EBITDA to 61% of revenue."

RESULTS: Q2
- ADJ EPS $10.96, EST $10.80
- ADJ net revenue $12.49B, EST $12.06B
- Semiconductor solutions revenue $7.20B, EST $7.12B
- Infrastructure software revenue $5.29B, EST $4.93B
- ADJ EBITDA $7.43B, EST $7.04B
- ADJ operating income $7.15B, EST $6.83B
- Adj. R&D expense $1.53B, EST $1.54B
- Capital expenditure $132M, EST $129.5M

forecasts FY rev. Appro…