2024-03-07 16:19:45 ET
Broadcom Inc (NASDAQ: AVGO) is trading down in extended hours on Thursday even though it reported market-beating financial results for its first quarter.
This is a developing story. Figures missing below will be updated as received!
Broadcom stock down on muted guidance
The stock is taking a hit primarily because investors are not entirely content with the future guidance. now forecasts $50 billion in revenue for its fiscal 2024.
Analysts, in comparison, were at billion. Hock Tan – the chief executive of Broadcom Inc said in a press release today:
Our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation.
The multinational also announced $5.25 a share of quarterly cash dividend on Thursday. Broadcom stock is now up close to 40% versus its year-to-date low.
Watch here: https://www.youtube.com/embed/Tfvob4ssfBM?feature=oembedBroadcom Q1 earnings snapshot
Earned $1.32 billion versus the year-ago billion
Per-share earnings also climbed from to $2.84
Adjusted EPS printed at $10.99 as per the earnings report
Revenue climbed 34% year-over-year to $11.96 billion
Consensus was $10.42 a share on billion in $11.72 revenue
Broadcom saw its semiconductor solutions revenue pop % in Q1 while infrastructure software revenue went up %. CEO Tan also said on Thursday:
Strong demand for our networking products in AI data centers, as well as custom AI accelerators from hyperscalers, are driving growth in our semiconductor segment.
Advancing AI: We asked Jas Tremblay, GM of @Broadcom ’s Data Center Solution Group, what he's most excited for this year. pic.twitter.com/hJUU4VSF2E
— AMD (@AMD) March 6, 2024
This is a developing story. Check back in a few minutes for more updates!
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