Broadcom Inc. · AVGO · FY2024 Q2 · Calendar Q2 2024

Broadcom raises FY2024 outlook as AI and VMware drive growth

The supplied analysis supports a constructive operating thesis: AI data-center demand and VMware subscription migration are driving growth and led management to raise FY2024 guidance. The thesis is tempered by competition, concentration in hyperscaler demand, integration execution, and weakness in broadband and server storage.

Reported After market closeNASDAQTechnology $1569.33B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.10 Consensus $1.09
EPS surprise +0.9% Reported versus consensus
Reported revenue $12.49B Consensus $12.06B
Revenue surprise +3.6% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +12.3% Event window
SPY move +0.2% Same window
Abnormal move +12.1% Stock minus SPY
Volume 3.1× Versus trailing sessions
Subsequent drift +2.1% Up to 20 sessions
AVGOSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, management reported stronger AI momentum, described VMware integration progress, and raised FY2024 revenue and adjusted EBITDA guidance. The current analysis also identified a 10-for-1 stock split and highlighted next-generation networking plans, while the main watchpoints remained competitive intensity, AI-growth durability, and weaker cyclical markets.

Guidance delta

Management raised FY2024 revenue guidance to $51 billion and adjusted EBITDA guidance to 61%, from the prior quarter's $50 billion revenue and 60% adjusted EBITDA outlook.

Key takeaways

  • AI revenue grew 280% year over year to $3.1 billion and became the primary growth engine in the supplied analysis.
  • VMware integration is progressing through SKU consolidation, subscription migration, and private-cloud expansion.
  • Networking revenue was expected to grow about 40% year over year, while wireless, broadband, and server storage remained weaker areas.

Management priorities

  • Scale AI data-center networking and custom ASIC products, including next-generation switches, DSPs, and optics.
  • Accelerate VMware subscription migration and expand private-cloud offerings.
  • Maintain quarterly debt repayments while exploring opportunistic acquisitions.

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Earnings History

Estimate Beat Miss Match
AVGO EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $1.10 Q4 '23 actual $1.11, match Q1 '24 estimate $10.37 Q1 '24 actual $1.10, miss Q2 '24 estimate $1.09 Q2 '24 actual $1.10, match Q3 '24 estimate $1.22 Q3 '24 actual $1.24, beat Q2 '25 estimate $1.57 Q2 '25 actual $1.58, match Q3 '25 estimate $1.66 Q3 '25 actual $1.69, beat Q4 '25 estimate $1.87 Q4 '25 actual $1.95, beat Q1 '26 estimate $2.03 Q1 '26 actual $2.05, beat Q2 '26 estimate $2.40 Q2 '26 actual $2.44, beat Q3 '26 estimate $3.21 Q4 '26 estimate $3.85 Q1 '27 estimate $4.11
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Analyst Consensus ?

ConsensusBuy58 ratings
Bullish5289.7%
Neutral610.3%
Bearish00.0%

Analyst 52W Price Targets

$328.75Current
$61.5Low
$350.57Average
$600High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
DA Davidson Neutral NeutralMaintainSep 4, 2026
Citigroup Buy BuyMaintainSep 4, 2026
Truist Securities Buy BuyMaintainSep 3, 2026
TD Cowen Buy BuyMaintainSep 3, 2026
StoneX Buy BuyMaintainSep 3, 2026
Show 53 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $328.75. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerAnalyst unavailable$460$364.38 +39.9%Sep 9, 2026
D.A. DavidsonGil Luria$350$355.49 +6.5%Sep 4, 2026
Truist FinancialAnalyst unavailable$520$344.98 +58.2%Sep 3, 2026
Raymond JamesAnalyst unavailable$475$343.45 +44.5%Sep 3, 2026
Cantor FitzgeraldAnalyst unavailable$600$342.93 +82.5%Sep 3, 2026
See 140 more

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Company context

Snapshot as of publication

Broadcom Inc. is a prominent global technology enterprise focused on the innovation, development, and supply of advanced semiconductor solutions and critical infrastructure software. The company's headquarters are situated in San Jose, California, and it maintains a significant team of 19,000 full-time staff. Its operations are segmented into four primary divisions: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.…

Historical context

All AVGO earnings

Technology peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
  3. Polygon adjusted daily market bars · 2026-10-19T03:10:40.856046+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T03:10:40.852979+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.