A sign is in front of a Broadcom office in San Jose, California, on December 12, 2024.
Justin Sullivan | Getty Images
Broadcom’s shares went up more than 21% on Friday morning. This helped the company’s value reach more than $1 trillion for the first time. If this change stays, Friday will be the best trading day ever for Broadcom.
This happened after Broadcom shared its fourth-quarter results. The company earned more money than Wall Street expected, and it showed strong growth in artificial intelligence (AI) revenue.
Broadcom made $14.05 billion in revenue for the fourth quarter. This is a 51% increase from last year, but it was a little less than analysts expected. The revenue from AI chips grew 220% to $12.2 billion.
Broadcom’s net income was $4.32 billion, or 90 cents per share, up from $3.52 billion, or 83 cents per share, last year.
Analysts are excited about Broadcom’s future in AI and have raised their stock price targets.
— CNBC’s Michael Bloom and Kif Leswing contributed to this report.
