Broadcom reported fiscal second-quarter revenue of approximately $22.2 billion. Adjusted earnings reached $2.44 per share, exceeding analyst expectations. AI-related semiconductor revenue surged 143% year-over-year to $10.8 billion.
Broadcom shares fell more than 13% in after-hours trading despite the record results. The company projected third-quarter AI chip revenue of $16 billion. This guidance fell slightly short of Wall Street estimates.
The sell-off impacted the broader semiconductor sector. Shares of competitors Intel and AMD also declined following the announcement.