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Broadcom Q2 Earnings Miss Q3 Revenue Outlook, AVGO Shares Plunge 13% After Hours

2026-06-04 09:49:46

AVGO-9.79%

According to results announced Wednesday, Broadcom posted second-quarter revenue of $22.19 billion and adjusted earnings per share of $2.44, but projected third-quarter revenue of $29.4 billion, falling short of the upper end of analyst expectations at $37.5 billion. AVGO shares plunged more than 13% in overnight trading following the announcement. Jefferies raised its price target on Broadcom to $550 from $500 and maintained a Buy rating, citing expected margin improvements as AI revenue accelerates.

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