Broadcom released its Q2 financial report for the fiscal year 2024 on May 5th. Total revenue saw a substantial 43% increase compared to the same quarter last year, reaching $12.487 billion. This growth was driven in part by the inclusion of VMware’s revenue. Excluding this addition, revenue still rose by 12%. Net profit under GAAP stood at $2.121 billion.
CEO Hock Tan attributed the past quarter’s performance to the demand for AI technologies and the integration of VMware’s revenue. Particularly, AI-related revenue hit a remarkable $3.1 billion.
Furthermore, Broadcom announced a stock split at a ratio of 10 shares for every 1 existing share, akin to NVIDIA’s recent move. This change will take effect for shareholders after July 11, 2024.
TLDR: Broadcom reports a significant revenue increase in Q2 2024, driven by AI demand and VMware integration. Additionally, a stock split at a ratio of 10:1 will be implemented post July 11, 2024.
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