Broadcom Reports Q3 Revenue of $13.07B, 47% YoY Increase, Adjusted EPS of $1.24, Stock Falls 3.5%

Sep 5, 2024, 08:17 PM

Broadcom Inc. (AVGO) announced its Q3 2024 earnings after the market closed, reporting a revenue of $13.07 billion, which represents a 47% increase year-over-year and surpasses the estimated $13.03 billion. The company posted an adjusted EPS of $1.24, beating expectations of $1.22. Despite the positive earnings, Broadcom reported a GAAP net loss of $1.88 billion. The company's Q4 revenue guidance is approximately $14 billion, slightly below the consensus estimate of $14.13 billion. Broadcom's adjusted EBITDA for Q3 was $8.22 billion, and the company expects adjusted EBITDA to be approximately 64% of projected revenue for Q4. The firm also raised its FY24 AI revenue guidance to $12 billion from $11 billion. Broadcom, the 12th largest company in the world with a market cap of over $700 billion, declared a dividend of $0.53 per share. Following the earnings report, Broadcom's stock fell by 3.5% in after-hours trading.