Reported Q: Q1 2024 Rev YoY: +34.8% EPS YoY: -96.4% Move: +1.29%
Broadcom Inc
AVGO
$313.49 1.29%
Exchange NASDAQ Sector Technology Industry Semiconductors
Q1 2024
Published: Mar 14, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for AVGO

Reported

Report Date

Mar 14, 2024

Quarter Q1 2024

Revenue

11.96B

YoY: +34.8%

EPS

0.28

YoY: -96.4%

Market Move

+1.29%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $11.96B up 34.8% year-over-year
  • EPS of $0.28 decreased by 96.4% from previous year
  • Gross margin of 55.8%
  • Net income of 1.33B
  • ""We expect continued strong bookings at VMware will accelerate revenue growth through the rest of fiscal 2024." - Hock Tan, President & CEO" - Hock Tan
AVGO
Broadcom Inc

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Executive Summary

Broadcom Inc. reported a robust fiscal Q1 2024 performance highlighted by consolidated revenue of $12 billion, a significant 34% increase year-on-year driven by strong contributions from its software segment including VMware. Excluding VMware, revenue growth remained substantial at 11% year-on-year. Semiconductor Solutions segment contributed $7.4 billion, up 4% year-on-year. AI revenue more than quadrupled to $2.3 billion, underlining the company's strategic pivot toward this high-demand industry sector. Nonetheless, management acknowledged challenges ahead, particularly in the server storage and broadband markets, which have experienced cyclical weaknesses.

The management's guidance remains optimistic, with anticipation of continued revenue strength driven by strong demand in AI and robust bookings in VMware solutions. Broadcom is reaffirming its full-year consolidated revenue guidance of $50 billion, reflecting a remarkable 40% year-on-year growth.

Key Performance Indicators

Revenue
Increasing
11.96B
QoQ: 28.68% | YoY: 34.76%
Gross Profit
Increasing
6.68B
55.81% margin
QoQ: 4.18% | YoY: 8.29%
Operating Income
Decreasing
2.80B
QoQ: -34.08% | YoY: -27.52%
Net Income
Decreasing
1.33B
QoQ: -62.40% | YoY: -59.88%
EPS
Decreasing
0.29
QoQ: -65.88% | YoY: -96.38%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 14,916.00 1.14 +24.7% View
Q4 2024 14,054.00 -0.33 +51.2% View
Q3 2024 13,072.00 -0.40 +40.6% View
Q2 2024 12,487.00 0.44 +40.7% View
Q1 2024 11,961.00 0.28 +34.8% View