Posted 3/8/2024, 7:26:32 AM
Broadcom Beats Q1 Estimates But Stock Drops on Flat Outlook Despite Strong AI Chip Demand
- AVGO beat Q1 earnings and revenue estimates, but stock dropped 3% due to not raising full-year outlook
- Revenue was $11.96B, up 34% YoY, driven by VMware acquisition and AI/networking demand
- Adjusted EPS was $10.99, up 6% YoY
- Maintained $50B revenue target for FY24 despite AI strength, indicating 40% YoY growth
- Analysts bullish with 15 Buy, 2 Hold ratings, but stock up 127.6% in past year so limited upside