Broadcom Q2 FY24.
$Broadcom(AVGO.US$ VMWare acquisition completed in November 2023 (impacting infrastructure software segment).
• Revenue +43% Y/Y to $12.5B ($480M beat).
• Non-GAAP EPS $10.96 ($0.12 beat).
• Non-GAAP EPS $10.96 ($0.12 beat).
FY24 guidance
• Revenue ~$51B ($50.3B expected).
• Adjusted EBITDA margin ~61% (+1pp).
• Revenue ~$51B ($50.3B expected).
• Adjusted EBITDA margin ~61% (+1pp).
Broadcom double bea + Raises FY guidance + Announces a 10 for 1 stock split
CEO: "...[Q2] results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1B during the quarter"
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