Broadcom Reports Impressive Financial Results for Q4 2024

Broadcom Inc. recently disclosed its financial performance for the fourth quarter of fiscal 2024, showcasing remarkable growth across various metrics. The company's revenue for the quarter surged to an impressive $14 billion, marking a 51% increase from the same period in 2023. Net income also experienced a significant boost, jumping 23% year-over-year to $4.3 billion. Diluted earnings per share saw an 8% rise, reaching $0.90.

For the entire fiscal year 2024, Broadcom's revenue soared 44% to $51.6 billion. However, net income and diluted earnings per share dropped 58% and 63% respectively, standing at $5.9 billion and $1.23. The company anticipates its revenue in the first quarter of fiscal 2025 to be around $14.6 billion.

CEO Hock Tan highlighted the role of semiconductor revenue and AI in driving this growth, stating, "Semiconductor revenue was a record $30.1 billion driven by AI revenue of $12.2 billion. AI revenue, which grew 220 percent year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio."

Following the release of these stellar results, Broadcom's stock price surged by 4.75% in after-hours trading.