05:07 AM EDT, 06/13/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Broadcom ( AVGO ) shares were up 14% in premarket activity on Thursday after the company reported overnight an increase in fiscal Q2 earnings and sales while raising its revenue guidance for the full financial year.

The company reported fiscal Q2 non-GAAP diluted earnings late Wednesday of $10.96 per share, up from $10.32 a year earlier.

Analysts polled by Capital IQ expected $10.84 normalized.

Net revenue for the quarter that ended May 5 was $12.49 billion, up from $8.73 billion a year earlier.

Analysts surveyed by Capital IQ expected $12.01 billion.

The company raised its fiscal 2024 revenue guidance to about $51 billion from roughly $50 billion. Analysts polled by Capital IQ expect $50.31 billion.

Broadcom ( AVGO ) said it maintained its quarterly dividend at $5.25 per share, payable June 28 to investors of record on June 24.

Price: 1,714.19, Change: +218.68, Percent Change: +14.62