Broadcom Inc. (AVGO) reported its fiscal second-quarter results after the bell Wednesday, and the numbers were a bit of a mixed bag. Revenue came in at $22.19 billion, just shy of the $22.27 billion analysts were looking for. But the company managed to beat on the bottom line, posting adjusted earnings of $2.44 per share versus the $2.40 consensus estimate.

Revenue was up 48% from a year ago, and the big driver was AI. Broadcom's AI semiconductor revenue hit $10.8 billion in the quarter, a staggering 143% increase year-over-year. CEO Hock Tan said in a statement: "Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking. The momentum continues and in Q3 we expect semiconductor revenue from AI to grow over 200% year-over-year to $16 billion."

The company also generated strong cash flow: $10.49 billion from operations and $10.26 billion in free cash flow. It ended the quarter with $19.63 billion in cash and equivalents. Broadcom's board approved a quarterly dividend of $0.65 per share, payable June 30 to shareholders of record as of June 22.

Looking ahead, Broadcom expects third-quarter revenue of about $29.4 billion, well above the $28.54 billion analysts had penciled in. It also sees adjusted EBITDA at 68% of projected revenue. Executives will discuss the quarter further on an earnings call at 5 p.m. ET.

Despite the AI boom and a strong Q3 forecast, shares slipped 5.79% in after-hours trading to $451.49. The market may be focusing on the revenue miss, or perhaps the AI numbers weren't enough to offset broader concerns. Either way, Broadcom's story is increasingly about AI, and that part is clearly working.