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
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