Q2 24 EPS
$10.96
BEAT +1.11%
Est. $10.84
Q2 24 Revenue
$12.49B
BEAT +3.82%
Est. $12.03B
vs S&P Since Q2 24
+117.4%
BEATING MARKET
AVGO +150.2% vs S&P +32.9%
Market Reaction
Did AVGO Beat Earnings? Q2 2024 Results
Broadcom posted a decisive beat across the board in its fiscal second quarter of 2024, with non-GAAP diluted EPS of $10.96 edging past the $10.84 consensus estimate by 1.11% and revenue of $12.49 billion clearing expectations of $12.03 billion by 3.8… Read more Broadcom posted a decisive beat across the board in its fiscal second quarter of 2024, with non-GAAP diluted EPS of $10.96 edging past the $10.84 consensus estimate by 1.11% and revenue of $12.49 billion clearing expectations of $12.03 billion by 3.82%, marking a 43.0% surge from the year-ago period. The headline driver behind the quarter's strength was a dual-engine story: record AI semiconductor revenue of $3.10 billion from custom accelerators and networking silicon for hyperscale data centers, paired with the first full quarterly contribution from VMware, which propelled infrastructure software revenue up 175% year-over-year to $5.29 billion. Adjusted EBITDA reached $7.43 billion, representing 59% of revenue, while free cash flow came in at $4.45 billion. Looking ahead, Broadcom raised its fiscal 2024 revenue guidance to approximately $51.00 billion, implying 42% growth over fiscal 2023, with adjusted EBITDA margins expected near 61%. The company also announced a ten-for-one forward stock split, set to take effect July 15, 2024, aimed at broadening accessibility for retail investors and employees.
Key Takeaways
- • Record AI semiconductor product revenue of $3.1 billion
- • VMware acquisition contributing to 175% growth in infrastructure software revenue
- • Accelerating enterprise adoption of VMware software stack for private clouds
- • Consolidated revenue grew 12% year-over-year excluding VMware
AVGO YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
AVGO Revenue by Segment
With YoY comparisons, source: SEC Filings
“Broadcom's second quarter results were once again driven by AI demand and VMware. Revenue from our AI products was a record $3.1 billion during the quarter. Infrastructure software revenue accelerated as more enterprises adopted the VMware software stack to build their own private clouds.”
— Hock Tan, Q2 2024 Earnings Press Release
AVGO Earnings Trends
AVGO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AVGO EPS Trend
Earnings per share: estimate vs actual
AVGO Revenue Trend
Quarterly revenue: estimate vs actual
AVGO Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.02 | $2.05 | +1.32% | $19.31B | +0.90% |
| Q4 25 BEAT FY | $1.87 | $1.95 | +4.28% | $18.02B | +2.63% |
| FY Full Year | $6.75 | $6.82 | +1.07% | $63.89B | +0.73% |
| Q3 25 BEAT | $1.66 | $1.69 | +1.60% | $15.95B | +0.82% |
| Q2 25 BEAT | $1.57 | $1.58 | +0.59% | $15.00B | +0.20% |
| Q1 25 BEAT | $1.51 | $1.60 | +6.11% | $14.92B | +2.23% |
| Q4 24 BEAT FY | $1.39 | $1.42 | +2.16% | $14.05B | -0.86% |
| FY Full Year | $4.85 | $4.87 | +0.36% | $51.57B | -0.24% |
| Q3 24 BEAT | $1.20 | $1.24 | +3.33% | $13.07B | +0.87% |
| Q2 24 BEAT | $10.84 | $10.96 | +1.11% | $12.49B | +3.82% |