From Nasdaq: 2024-06-28 08:49:00

Broadcom Inc. (AVGO) has been delivering strong returns to shareholders, with a focus on data centers and AI Ethernet switching. The company’s stock has risen this year due to AI-optimism. In the last decade, Broadcom expanded by acquiring companies like CA Technologies, Symantec, and VMware.

Broadcom reported second-quarter fiscal 2024 earnings of $10.96 per share, beating estimates and seeing a 43% increase in net revenues to $12.48 billion. AI revenues surged 280% year over year to $3.1 billion. The company expects revenues of $51 billion for fiscal 2024, with $11 billion coming from AI-related revenues.

With a 42.1% stock increase this year, Broadcom is set to ship chipsets supporting AI clusters for companies like Alphabet and Meta Platforms. It anticipates overall revenues of $51 billion in fiscal 2024. The company’s expected earnings growth rate is 12.2% for this year, with potential for upgrades in the near future.



Read more at Nasdaq: Broadcom (AVGO) Up 42.1% in 2024: Is it Worth Watching?