Broadcom plummets in after-hours trading after reporting lower-than-expected sales

Revenue was estimated at $22.19 billion, according to the company. This represents an increase of 48 percent compared to the same quarter last year. However, analysts had expected $22.27 billion, reports CNBC.

The stock, which at Wednesday's close was up nearly 40 percent since the turn of the year, plummeted in after-hours trading and was down around 12 percent at 11:30 p.m.

Compared to the corresponding quarter a year earlier, AI-related revenue more than doubled to $10.8 billion, according to a statement from the company's CEO, Hock Tan.