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Broadcom's Q4 profit exceeded expectations, with AI revenue doubling and soaring by 220% for the entire fiscal year, rising 15% in after-hours trading | Earnings Reports insights.
AI demand drives Broadcom's strong profits, with revenue and next quarter guidance generally meeting expectations. In the fiscal year 2024, total revenue, profits, and Semiconductors revenue all reach new highs. The CEO is Bullish about the huge demand for custom AI Chips in the coming years. Earlier reports indicated that Apple is close to replacing Broadcom's supply with its self-developed wireless chips for iPhone and home devices, causing Broadcom's after-hours gains to narrow at one point.
Is Broadcom about to lose a big order? It is reported that Apple will switch to self-developed Wi-Fi chips for iPhone and home products starting next year.
Media reports that Apple plans to use its self-developed chip combining Wi-Fi and Bluetooth for the new iPhone, Apple TV, and HomePod mini next year, and for iPads and Macs in 2026. One-fifth of Broadcom's fiscal year revenue comes from Apple, making it the largest supplier of Apple's Wi-Fi/Bluetooth chips. After the news broke, Broadcom's stock price hit a daily low, falling nearly 4%.
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