$Broadcom (AVGO.US)$ shares surged 15.23% in post-market trading following a 220% increase in AI revenue.
Broadcom reported its financial results for the fourth quarter, in which AI revenue soared by 220% year-over-year to reach $12.2 billion, and the revenue guidance for the following quarter aligned with expectations. The company's revenue for the quarter climbed by 51% to $14.054 billion, which was just a hair below the $14.07 billion that analysts had anticipated. Net profit was $4.324 billion under GAAP and $6.965 billion on a non-GAAP basis.
The Semiconductor Solutions division's revenue for the fourth quarter increased by 12% year-over-year to $8.23 billion, which was above the $8.03 billion that analysts had projected. The adjusted non-GAAP earnings per share were reported at $1.42, exceeding the $1.38 analysts had expected.
Looking ahead to the first quarter of the fiscal year 2025, which ends in February, the company forecasted revenue of $14.6 billion, marking a 22% increase from the same period the previous year. This was slightly above the $14.55 billion that analysts tracked by FactSet had anticipated. For the upcoming quarter, they expected the adjusted EBITDA to represent 66% of revenue, above the FactSet consensus estimate of $9.23 billion.
