Posted 3/8/2024, 2:49:13 PM
Broadcom Profits Top Estimates But iPhone Slowdown and VMware Deal Weigh on Results
- Broadcom's Q1 results topped estimates but did not exceed high expectations, sending shares slightly lower
- Profits weighed down by slowing iPhone sales, one of Broadcom's biggest clients
- Questions remain over chipmakers' exposure to potential further China weakness
- VMware acquisition also drained profits short-term but may drive future growth
- Broadcom positioning itself as an AI play with expected $10B in AI chip sales this year