• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Broadcom stock hits record high on positive guidance, CEO comments

by December 13, 2024
written by December 13, 2024

Investing.com– Shares of network equipment maker Broadcom Inc (NASDAQ:AVGO) hit a record high in aftermarket trade on Thursday evening after the company forecast stronger-than-expected revenue for the current quarter.

Broadcom’s gains were also driven by positive comments by CEO Hock Tan during the earnings call, as Tan highlighted increased tailwinds from the artificial intelligence industry. 

Broadcom surged more than 15% to hit an indicated record high of over $207. Gains in the stock spilled over into other chipmakers, with NVIDIA Corporation (NASDAQ:NVDA) and AMD (NASDAQ:AMD) rising 1.1% and 0.7%, respectively. 

Broadcom clocked a stronger-than-expected profit for the quarter to November 30. The firm forecast revenue of $14.6 billion for the current quarter, slightly above estimates of $14.57 billion. The firm also hiked its quarterly dividend by 11% to 59 cents. 

A bulk of Broadcom’s gains came after CEO Tan flagged increasing revenues from the AI industry. Tan said the company expects a $15 billion to $20 billion market for its AI accelerators in 2025. 

Tan also said the company remained open to more dealmaking activity, which he said has been part of Broadcom’s strategy for at least the past decade. The company has slowly become a tech conglomerate through a series of acquisitions, most recently being its $68 billion buy of cloud firm VMware (NYSE:VMW). 

Gains in Broadcom also came after The Information reported the company was working with Apple Inc (NASDAQ:AAPL) to develop a server chip designed specifically for artificial intelligence.

Apple is Broadcom’s biggest customer for wireless chips used in mobile phones, but is reportedly planning to develop its own in-house chips.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Global EV sales hit third consecutive record high
next post
Private Medicare plans must cover Biogen’s ALS drug, US agency says

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025
    • This California startup is cleaning water and removing CO₂ from the atmosphere — all at a reduced cost

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (504)
    • Stock (6,426)

    Latest News

    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

    Popular News

    • Mexico stocks lower at close of trade; S&P/BMV IPC down 0.93%
    • China’s Geely Holding targets over 5 million units of annual sales by 2027

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy