Shares of Broadcom (NASDAQ: AVGO) were moving lower Friday after the diversified semiconductor company posted solid results in its fiscal 2024 first-quarter earnings report after the market closed Thursday, but failed to raise its guidance.

High expectations were also baked into the stock. The company is viewed as a beneficiary of the AI boom, and as its shares have risen in recent months in consequence.

As of 11:59 a.m. ET, the stock was down by about 6%.

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Source Fool.com