Shares up 14.3% premarket (Il Sole 24 Ore Radiocor) - New York, 13 Jun - Shares in Broadcom soared in premarket trading after the chip and software maker beat expectations for its second fiscal quarter and announced a 10-for-1 stock split.

Revenue in the second quarter, ended May 5, rose 43% from the same period last year to 12.487 billion dollars driven in large part by AI demand and VMware.

Diluted earnings per share in the three months was 4.42 dollars while adjusted EPS was 10.96.

Analysts had expected revenue of 12.1 billion dollars and adjusted EPS of 10.8 dollars.

For the full 2024 fiscal year running to end-October, Broadcom said it expected revenue of around 51 billion dollars compared to expectations of 50.6 billion.

The company also announced a ten-for-one forward stock split with trading expected to commence on July 15.

At 1419 GMT, Broadcom shares were up 14.3% premarket.

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(RADIOCOR) 13-06-24 14:26:46 (0381) 5 NNNN