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Broadcom Q3 earnings beat as AI revenue drives YoY growth
Proactiveinvestors NA· 2024-09-05 20:37
About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...
Broadcom(AVGO) - 2024 Q3 - Quarterly Results
2024-09-05 20:21
Exhibit 99.1 Broadcom Inc. Announces Third Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend • Revenue of $13,072 million for the third quarter, up 47 percent from the prior year period • GAAP net loss of $1,875 million for the third quarter ; Non-GAAP net income of $6,120 million for the third quarter • Adjusted EBITDA of $8,223 million for the third quarter, or 63 percent of revenue • GAAP diluted loss per share of $0.40 for the third quarter; Non-GAAP diluted EPS of $1.24 for the third qu ...
Broadcom Inc. Announces Third Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend
Prnewswire· 2024-09-05 20:15
Financial Performance - Company reported revenue of $13,072 million for Q3 2024, a 47% increase from the same period last year [1][2] - GAAP net loss for Q3 2024 was $1,875 million, while non-GAAP net income was $6,120 million [1][2] - Adjusted EBITDA for Q3 2024 was $8,223 million, representing 63% of revenue [1][2] - GAAP diluted loss per share was $0.40, compared to non-GAAP diluted EPS of $1.24 [1][2] - Free cash flow for Q3 2024 was $4,791 million, or 37% of revenue [1][2] Segment Performance - Semiconductor solutions generated $7,274 million in revenue, a 5% increase year-over-year [2] - Infrastructure software revenue was $5,798 million, reflecting a 200% increase year-over-year [2] Guidance and Outlook - Company expects Q4 2024 revenue to be approximately $14.0 billion, a 51% increase from the prior year [1][2] - Adjusted EBITDA guidance for Q4 2024 is projected to be around 64% of revenue [1][2] Dividend Information - Company announced a quarterly cash dividend of $0.53 per share, payable on September 30, 2024 [3]
Could Broadcom's Earnings Lift Chip Stocks Out of Their Recent Nvidia-Led Slump?
Investopedia· 2024-09-05 17:42
Key TakeawaysBroadcom's earnings after the bell Thursday could help chip stock recover after shares of Nvidia and other semiconductor companies tumbled earlier this week.Nvidia shares lost ground Tuesday and Wednesday amid concerns about the chipmaker's outlook and following reports U.S. regulators sent the company subpoenas, though Nvidia denied the reports.Broadcom is expected to report revenue and earnings growth, boosted by artificial intelligence demand, which could help reassure investors of the secto ...
Missed Out on Broadcom? Buy This Artificial Intelligence (AI) Semiconductor Stock Before It Skyrockets
The Motley Fool· 2024-09-05 08:23
This company reported a massive jump in its data center revenue last quarter thanks to its growing traction in the AI chip market.Shares of Broadcom (AVGO 0.87%) delivered impressive gains of 82% in the past year thanks to the company's solid position in the market for custom artificial intelligence (AI) chips, which led to robust growth in the company's semiconductor business. It also helped that Broadcom was named the second-most important AI chip company after Nvidia by JPMorgan analyst Harlan Sur.That d ...
Broadcom Bears Roar As Q3 Earnings Loom: Can Bulls Turn The Tide For This AI Stock?
Benzinga· 2024-09-04 16:44
Wall Street expects Broadcom Inc AVGO to report $1.20 in earnings per share (EPS) and $12.96 billion in revenues when the company publishes third-quarter earnings on Thursday after market hours.The stock is up 77.38% over the past year, 42.54% year-to-date.Let’s look at how Broadcom’s stock currently maps against Wall Street estimates.Broadcom‘s Bearish Trend Ahead Of Q3 Earnings Broadcom’s stock is showing a bearish trend, with the share price of $151.87 trading below its five, 20 and 50-day exponential mo ...
Why Broadcom Should Beat Earnings Again
Seeking Alpha· 2024-09-04 09:30
G0d4ather Intro & Thesis I initiated coverage of Broadcom Inc. (NASDAQ:AVGO) stock on July 20, 2023, with a "Hold" rating, which I upgraded to "Buy" in April 2024, admitting my mistake and assuming that the risks I was afraid of initially might not exist. Since my upgrade, the stock has continued to rise, gaining nearly 13% to date so far and outperforming the S&P 500 Index (SP500) (SPY) by a factor of 2. However, since my last update, the stock has entered its volatile phase, becoming an underperformer ...
Move Over, Nvidia and Advanced Micro Devices: Billionaires Are Selling Them and Scooping Up Shares of 2 Artificial Intelligence (AI) Stock-Split Stocks Instead
The Motley Fool· 2024-09-04 09:06
Prominent billionaires are dumping shares of the "brains" behind artificial intelligence (AI)-driven data centers in favor of two AI stocks that have announced or completed stock splits in 2024.Since the advent of the internet in the mid-1990s, investors have pretty much always had a next-big-thing innovation, technology, or trend to captivate their attention. However, no addressable market has seemingly loomed larger since the arrival of the internet than the current rise of artificial intelligence (AI).Wh ...
Broadcom Ahead of Q3 Earnings: To Buy or Not to Buy the AVGO Stock
ZACKS· 2024-09-03 16:36
Broadcom (AVGO) is set to report its third-quarter fiscal 2024 results on Sep. 5.The Zacks Consensus Estimate for revenues is pegged at $12.9 billion, suggesting growth of 45.36% from the year-ago quarter’s reported figure.The consensus mark for earnings has been steady at $1.20 per share over the past 30 days, indicating 14.29% growth from the figure reported in the year-ago quarter.Broadcom’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average earnings surprise being ...
Broadcom Stock May Drop Sharply Following Results
Seeking Alpha· 2024-09-03 16:30
JHVEPhotoBroadcom (NASDAQ:AVGO) will report its fiscal third quarter earnings after the market closes on Sept. 5. Analysts are forecasting a 15% y/y increase in earnings per share to $1.22, alongside a significant 46% y/y growth in revenue, bringing the total to approximately $13 billion. However, it’s important to note that the growth in Broadcom’s Semiconductor Solutions segment is expected to be relatively modest, with an anticipated increase of just 7% y/y, reaching $7.4 billion. The company’s AI seg ...