Q3 24 EPS
$1.24
BEAT +3.33%
Est. $1.20
Q3 24 Revenue
$13.07B
BEAT +0.87%
Est. $12.96B
vs S&P Since Q3 24
+166.6%
BEATING MARKET
AVGO +200.0% vs S&P +33.4%
Market Reaction
Did AVGO Beat Earnings? Q3 2024 Results
Broadcom delivered a convincing beat across the board in fiscal Q3 2024, with revenue climbing 47.3% year-over-year to $13.07 billion against a consensus estimate of $12.96 billion, while non-GAAP diluted EPS of $1.24 topped the $1.20 estimate by 3.3… Read more Broadcom delivered a convincing beat across the board in fiscal Q3 2024, with revenue climbing 47.3% year-over-year to $13.07 billion against a consensus estimate of $12.96 billion, while non-GAAP diluted EPS of $1.24 topped the $1.20 estimate by 3.33%, underscoring the transformative scale of the company's VMware acquisition. The deal, closed in late 2023, was the single most material driver of the quarter, propelling infrastructure software revenue up 200% year-over-year to $5.80 billion and pushing adjusted EBITDA to $8.22 billion, or 63% of revenue. Semiconductor solutions contributed $7.27 billion, with AI-related demand, particularly in Ethernet networking and custom accelerators, remaining a key growth engine as management expects AI revenue to reach $12 billion for the full fiscal year. The VMware integration, which analysts have noted is tracking ahead of schedule, continues to reshape Broadcom's financial profile. Looking ahead, the company guided fiscal Q4 revenue to approximately $14.00 billion, implying 51% year-over-year growth, with adjusted EBITDA margin expected at roughly 64%.
Key Takeaways
- • Continued strength in AI semiconductor solutions
- • VMware acquisition contribution driving infrastructure software revenue up 200% YoY
- • Ethernet networking and custom accelerators for AI data centers
- • VMware integration driving adjusted EBITDA margin expansion to 64% of revenue
AVGO YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
AVGO Revenue by Segment
With YoY comparisons, source: SEC Filings
“Broadcom's third quarter results reflect continued strength in our AI semiconductor solutions and VMware. We expect revenue from AI to be $12 billion for fiscal year 2024 driven by Ethernet networking and custom accelerators for AI data centers.”
— Hock Tan, Q3 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% |