Shares of semiconductor giant (NASDAQ: AVGO) have more than doubled in the past year, but they fell nearly 7% in early March after the company released results for fiscal 2024's first quarter (ended Feb. 4) -- and that was despite better-than-expected numbers.
Broadcom's revenue and earnings exceeded expectations, while its fiscal 2024 revenue guidance of $50 billion was slightly ahead of the $49.8 billion consensus estimate. Investors, however, were probably expecting more from Broadcom in light of the company's growing artificial intelligence (AI) business.
Let's take a closer look at Broadcom's quarterly results and check if its latest drop is a buying opportunity for investors.
Source Fool.com