Broadcom Inc

Broadcom posted a decisive beat across the board in its fiscal second quarter of 2024, with non-GAAP diluted EPS of $10.96 edging past the $10.84 consensus estimate by 1.11% and revenue of $12.49 billion clearing expectations of $12.03 billion by 3.82%, marking a 43.0% surge from the year-ago period. The headline driver behind the quarter's strength was a dual-engine story: record AI semiconductor revenue of $3.10 billion from custom accelerators and networking silicon for hyperscale data centers, paired with the first full quarterly contribution from VMware, which propelled infrastructure software revenue up 175% year-over-year to $5.29 billion. Adjusted EBITDA reached $7.43 billion, representing 59% of revenue, while free cash flow came in at $4.45 billion. Looking ahead, Broadcom raised its fiscal 2024 revenue guidance to approximately $51.00 billion, implying 42% growth over fiscal 2023, with adjusted EBITDA margins expected near 61%. The company also announced a ten-for-one forward stock split, set to take effect July 15, 2024, aimed at broadening accessibility for retail investors and employees.