Broadcom (AVGO) reported better-than-expected fiscal fourth-quarter earnings, boosting its shares in after-hours trading on Thursday. The company's fourth-quarter revenue increased by 51% year-over-year, reaching $14. 05 billion, aligning closely with analyst estimates compiled by Visible Alpha. Net income rose to $4. 32 billion, or 90 cents per share, up from $3. 52 billion or 83 cents per share a year ago, exceeding predictions. The firm executed a 10-for-1 stock split in July. These robust earnings follow a $1. 88 billion loss in the previous quarter, primarily due to expenses from acquiring VMware in November 2023.
The acquisition helped elevate Broadcom's revenue to record levels for fiscal 2024. CEO Hock Tan stated in a release, "Broadcom's fiscal year 2024 revenue increased 44% year-over-year to a record $51. 6 billion, driven by infrastructure software revenue reaching $21. 5 billion due to the successful integration of VMware. " Tan also highlighted that Broadcom's full-year revenue from artificial intelligence (AI) more than tripled to $12. 2 billion, slightly surpassing its previous forecast of $12 billion. Looking forward, Broadcom projected fiscal first-quarter revenue of $14. 6 billion, exceeding analysts' predictions. Following the earnings release, Broadcom shares soared over 14% in after-hours trading Thursday. They had risen 62% for 2024 through Thursday’s close.
Broadcom Surges After Strong Q4 Earnings and Record Revenue in 2024
The Walt Disney Company has initiated a significant legal action against Google by issuing a cease-and-desist letter, accusing the tech giant of infringing on Disney’s copyrighted content during the training and development of generative artificial intelligence (AI) models without providing compensation.
As artificial intelligence (AI) advances and increasingly integrates into digital marketing, its influence on search engine optimization (SEO) is becoming significant.
MiniMax and Zhipu AI, two leading artificial intelligence companies, are reportedly preparing to go public on the Hong Kong Stock Exchange as early as January next year.
Denise Dresser, CEO of Slack, is set to leave her position to become Chief Revenue Officer at OpenAI, the company behind ChatGPT.
The film industry is experiencing a major transformation as studios increasingly incorporate artificial intelligence (AI) video synthesis techniques to improve post-production workflows.
AI is revolutionizing social media marketing by offering tools that simplify and enhance audience engagement.
The emergence of AI-generated influencers on social media signifies a major shift in the digital environment, sparking widespread debates about the authenticity of online interactions and the ethical concerns tied to these virtual personas.
Launch your AI-powered team to automate Marketing, Sales & Growth
and get clients on autopilot — from social media and search engines. No ads needed
Begin getting your first leads today
Lorem ipsum dolor sit amet consectetur adipisicing elit. Fuga dolor minus maiores. Aut vero expedita dicta, dolorem odit excepturi odio doloremque voluptatem repellat aliquam? Dolores nemo eum id pariatur! Nobis!
Create your own avatar to work for you — completely free of charge!
Sign up with
Google
We've sent a confirmation email to
Please check your inbox and click the link to complete your registration
Didn’t receive it? Check your Spam or Promotions folder
and get clients without any advertising investment!
Create and publish viral social media content on autopilot
AI sales managers work 24/7, with no need for sleep, food, or breaks, and speak all languages.
You have unsubscribed from the mailing list recklessly but successfully.
We are not saying goodbye and look forward to seeing you again.