Broadcom Stock Is Moving Lower After Hours: What's Going On?

Broadcom Inc AVGO shares are trading lower in Thursday's after-hours session on the heels of the company's second-quarter financial results.

What Happened: Broadcom said second-quarter revenue increased 8% year-over-year to $8.73 billion, which beat average analyst estimates of $8.71 billion, per Benzinga Pro. The company reported quarterly adjusted earnings of $10.32 per share, which beat estimates of $10.08 per share. 

Broadcom repurchased 5.6 million shares during the quarter and declared a quarterly dividend of $4.60 per share.

"Broadcom's second quarter results were driven by demand for next generation technologies from hyperscale, while enterprise and service providers continued to sustain," said Hock Tan, President and CEO of Broadcom.

"Our third quarter outlook projects year-over-year growth, reflecting continued leadership in networking as we support a measured ramp into large scale AI networks."

Broadcom said it expects third-quarter revenue of approximately $8.85 billion versus estimates of $8.72 billion.

Management will hold a conference call to discuss these results at 5 p.m. ET.

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AVGO Price Action: Broadcom has a 52-week high of $921.77 and a 52-week low of $415.35.

The stock was down 3.03% after hours at $766, according to Benzinga Pro.

Photo: Florian Knodt from Flickr.