Broadcom Q3 2024 Earnings Summary $AVGO
In the latest episode, we dive into Broadcom's impressive Q3 2024 earnings call, where the tech giant reported a remarkable 47% year-on-year surge in net revenue, reaching $13.1 billion. CEO Hock Tan highlighted AI as a key growth driver, with custom AI accelerators soaring 3.5 times compared to last year, pushing projected Q4 AI revenue past $3.5 billion. The success of VMware, with an astounding 200% revenue increase, further underscores the company's strong position in the market. CFO Kirsten Spears reported robust gross margins of 77.4% and a robust free cash flow of $4.8 billion, while forecasting Q4 revenue to hit around $14 billion. With signs of recovery in the non-AI semiconductor sector and a strategic focus on AI infrastructure, Broadcom is set for continued growth and increased profitability. Tune in for in-depth insights and what this means for investors navigating the evolving tech landscape.
