Broadcom Inc (NASDAQ:AVGO) reported better-than-expected second-quarter financial results after the market close on Thursday.

Broadcom reported second-quarter revenue of $15 billion, beating analyst estimates of $14.99 billion, according to Benzinga Pro. The semiconductor company reported second-quarter adjusted earnings of $1.58 per share, beating analyst estimates of $1.56 per share.

"Q2 AI revenue grew 46% year-over-year to over $4.4 billion, driven by robust demand for AI networking. We expect growth in AI semiconductor revenue to accelerate to $5.1 billion in Q3, delivering ten consecutive quarters of growth, as our hyperscale partners continue to invest," said Hock Tan, president and CEO of Broadcom.

Broadcom expects third-quarter revenue of approximately $15.8 billion, versus estimates of $15.79 billion. The company anticipates third-quarter adjusted EBITDA of at least 66% of projected revenue.

Broadcom shares fell 0.4% to close at $259.93 on Thursday.

These analysts made changes to their price targets on Broadcom following earnings announcement.

• Benchmark analyst Cody Acree maintained Broadcom with a Buy and raised the price target from $255 to $315.
• Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy and raised the price target from $223 to $340.

Considering buying AVGO stock? Here’s what analysts think:

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