AVGO - Why Broadcom Stock Surged 21% Higher in June
2024-07-02 00:39:45 ET
Shares of Broadcom (NASDAQ: AVGO) were off to the races last month, soaring 21% in June, according to data from S&P Global Market Intelligence .
The semiconductor specialist delivered robust financial results and made an announcement that boosted investor sentiment.
Early last month, Broadcom kicked off the festivities with the results of its fiscal second quarter, which ended May 5, and investors cheered. Revenue grew 43% year over year to $12.5 billion, resulting in adjusted earnings per share (EPS) of $10.96, a 6% increase. The company surpassed Wall Street's expectations on both the top and bottom line, helping propel the stock higher.
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Why Broadcom Stock Surged 21% Higher in June