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Feb 04, 2024
Broadcom Q1 2024 Earnings Report
Broadcom's Q1 2024 financial results were announced, featuring revenue growth driven by the VMware acquisition and strong demand for networking products.
Key Takeaways
Broadcom reported Q1 2024 revenue of $11.961 billion, a 34% increase year-over-year, driven by the acquisition of VMware and strong demand for networking products. Non-GAAP diluted EPS was $10.99. The company provided fiscal year 2024 revenue guidance of approximately $50.0 billion and adjusted EBITDA guidance of approximately 60% of projected revenue.
Revenue reached $11.961 billion, a 34% increase compared to the prior year.
GAAP net income was $1.325 billion, while non-GAAP net income was $5.254 billion.
GAAP diluted EPS was $2.84, and non-GAAP diluted EPS was $10.99.
The company reiterates fiscal year 2024 revenue guidance of $50 billion and adjusted EBITDA of $30 billion.
Revenue by Segment
Forward Guidance
Broadcom anticipates fiscal year 2024 revenue of approximately $50.0 billion, including contribution from VMware, an increase of 40 percent from the prior year period. Fiscal year 2024 Adjusted EBITDA is expected to be approximately 60 percent of projected revenue.
Positive Outlook
- Fiscal year 2024 revenue guidance of approximately $50.0 billion.
- Fiscal year 2024 Adjusted EBITDA guidance of approximately 60 percent of projected revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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