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Broadcom Shares Surge as AI Revenue Soars 220%, Dividend Raised
Dec 12, 2024, 09:27 PM
Broadcom Inc. (AVGO), a chip supplier for major tech companies including Apple Inc., reported better-than-expected profit in the fourth quarter of fiscal 2024, driven by surging demand for its AI chips. The company announced that AI revenue for the fiscal year 2024 reached $12.2 billion, a 220% year-over-year increase, fueled by its leading AI XPUs and Ethernet networking portfolio. CEO Hock Tan revealed that three hyperscalers are planning to deploy 1 million XPU clusters each by 2027, representing a $60-90 billion opportunity in fiscal 2027 alone. Broadcom's total revenue for the quarter was $14.05 billion, up 51% from the prior year, with adjusted earnings per share of $1.42, beating analyst estimates of $1.39. The company raised its quarterly dividend by 11% to $0.59 and provided guidance for the first quarter of fiscal 2025, expecting revenue of approximately $14.6 billion, slightly above analyst expectations. Broadcom's stock surged over 10% in after-hours trading, reaching a new all-time high.
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