Broadcom Tops Q1 Earnings Estimates Again; Stock Outperforms in 2024 But Near-Term Estimate Revisions Turn Negative
• Broadcom (AVGO) Q1 earnings and revenues topped estimates, beating on both EPS and sales compared to consensus forecasts
• AVGO earnings were $10.99 per share, 7.2% above expectations, with sales of $11.96B also exceeding projections
• AVGO has topped EPS and revenue estimates in each of the past 4 quarters, showing consistency
• AVGO stock has outperformed in 2024, up 20.9% YTD vs 7% for the S&P 500, but near-term estimate revision trends are unfavorable
• SMART Global Holdings (SGH), another semiconductor stock, yet to report Q1 results but expected to post 67.1% YoY decline in EPS on 33.6% lower sales