2024-06-13 00:24:46 ET
Summary
- Broadcom reported strong Q2 earnings with a double beat and raise, increased full year sales guidance, and a stock split announcement.
- The company saw significant growth in its AI hardware sales while focusing on cutting VMWare costs post-acquisition.
- Broadcom is making great progress incorporating VMWare into its core business, with a focus on simplifying product offerings and transitioning to a subscription model.
- Given the growth outlook and likelihood of significant margin expansion, I maintain a Buy rating on Broadcom.
Prelude
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Broadcom Q2 Earnings: Expensive Stock Yet Phenomenal Business