Welcome to our dedicated page for Broadcom news (Ticker: AVGO), a resource for investors and traders seeking the latest updates and insights on Broadcom stock.
Broadcom Inc. (NASDAQ: AVGO) is a leading global technology company known for designing, developing, and supplying a wide range of semiconductor and infrastructure software products. Headquartered in Palo Alto, CA, Broadcom's extensive product portfolio caters to key markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. As the sixth-largest semiconductor company globally, Broadcom holds a commanding presence in the tech industry with over $30 billion in annual revenue.
Broadcom is renowned for its 17 core semiconductor product lines across wireless, networking, broadband, storage, and industrial markets. Despite being primarily a fabless designer, the company maintains in-house manufacturing capabilities for specific high-performance products like its FBAR filters, which are integrated into Apple iPhones. Additionally, Broadcom's software division offers critical solutions such as virtualization, infrastructure, and security software to large enterprises, financial institutions, and government entities.
Broadcom's growth strategy is characterized by strategic acquisitions and consolidations. The company's current structure includes legacy Broadcom and Avago Technologies in semiconductor solutions, alongside Brocade, CA Technologies, and Symantec in software. This approach has enabled Broadcom to broaden its market reach and product offerings significantly.
Recently, Broadcom has made headlines with its acquisition of VMware, showcasing advancements in 5G, SD-WAN, SASE, and edge computing technologies. These developments aim to modernize network infrastructures, create monetizable services, and enhance network programmability and performance. Key initiatives include collaborations with CSPs to deploy VMware Telco Cloud and Service Management and Orchestration solutions, driving innovation and efficiency in network operations.
Financially, Broadcom continues to demonstrate robust performance. For the first quarter of fiscal 2024, the company reported revenues of $11.961 billion, a 34% increase year-over-year, with a GAAP net income of $1.325 billion. Broadcom's financial stability is further highlighted by its substantial free cash flow and ongoing debt reduction efforts.
Broadcom's commitment to innovation and leadership in the technology sector is evident through its continuous investment in cutting-edge products like the 5nm PCIe Gen 5.0/CXL2.0 and PCIe Gen 6.0/CXL3.1 retimers, which are pivotal for AI server infrastructure. Additionally, the launch of the WatchTower Platform™ enhances business operations by providing advanced observability and automation capabilities for mainframe environments.
Broadcom's collaborative efforts with industry giants like Google Cloud further strengthen its market position. The expanded partnership focuses on optimizing VMware workloads for Google Cloud, integrating generative AI capabilities, and enhancing cloud-based solutions for mutual customers.
In essence, Broadcom Inc. remains at the forefront of technological innovation, delivering comprehensive solutions that drive efficiency, connectivity, and performance across various critical industries.
Hitachi Vantara and Broadcom have announced a new private and hybrid cloud solution that combines Hitachi's Unified Compute Platform (UCP) RS with VMware Cloud Foundation. This co-engineered solution aims to help organizations manage data proliferation and AI requirements while reducing costs and environmental impact. Key benefits include:
1. Faster time to value with enhanced performance and streamlined infrastructure
2. Flexible deployment supporting VMs, containers, and AI workloads
3. Simplified management with turnkey infrastructure and advanced automation
4. Sustainability features reducing CO2 emissions by up to 96% and data center footprint by up to 35%
The solution offers integrated software, infrastructure, and hardware lifecycle automation, unified management, and guaranteed 100% data availability with Hitachi's Virtual Storage Platform One.
Broadcom Inc. (NASDAQ: AVGO) has announced details for VMware Explore 2024 Las Vegas, scheduled for August 26-29 at The Venetian Convention and Expo Center. The event will feature a general session keynote on August 27 at 9:00 a.m. PT, led by Broadcom President and CEO Hock Tan, titled "Shaping the Future of Cloud and AI Innovation." The conference will offer:
- 500+ sessions across five content tracks
- Certification training and labs
- Networking opportunities
- Access to top cloud providers at The Expo
The general session will be broadcast live for free on the VMware Explore website. Broadcom will also host VMware Explore 2024 Barcelona (November 4-7) and plans for VMware Explore 2025 Las Vegas (August 25-28).
Broadcom Inc. (NASDAQ: AVGO) has introduced Catalyst, an extension of its Accelerate Program, aimed at enhancing service for Symantec and Carbon Black customers. This global initiative empowers elite Enterprise Security Group (ESG) partners to lead go-to-market strategies and customer relationships for these portfolios. Key Catalyst Partners include TD SYNNEX, Arrow Electronics, MBCOM Technologies, Westcon-Comstor, and Carahsoft Technology Corp., each covering specific regions.
Catalyst allows partners to drive profit growth while providing value-added services and support. Broadcom will continue to offer product management, marketing, and enablement tools, along with advanced Tier 3 support. This initiative aims to revolutionize channel partnerships in cybersecurity, allowing partners to customize their approach to meet unique customer needs.
Broadcom Inc. (NASDAQ: AVGO), a global technology leader in semiconductor and infrastructure software solutions, has announced it will release its third quarter fiscal year 2024 financial results on Thursday, September 5, 2024, after market close. The company's management will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day to discuss the results and business outlook.
Investors and analysts can participate in the call by preregistering at the provided link to receive dial-in information. The call will also be accessible live online through Broadcom's Investors website. An audio replay will be available for one year following the call.
Broadcom (NASDAQ: AVGO) announced updates to VMware Cloud Foundation (VCF), enhancing infrastructure modernization, developer productivity, and cybersecurity while maintaining low total cost of ownership. New features include VCF Import, full support for vSAN Max and ESA stretched clusters, optimized VCF Edge configurations, and advanced Kubernetes support. Security improvements include ESXi Live Patching, VMware vDefend lateral security, and dual DPU support. These advancements aim to accelerate digital innovation and adoption. VMware Cloud Foundation 5.2 and vSphere Foundation 5.2 are expected in Q3 FY24.
Broadcom previewed VMware Explore 2024, a major cloud conference, set to take place in Las Vegas from August 26–29 and in Barcelona from November 4–7. Highlights include a general session with Broadcom leaders, VMware experts, and customers focusing on private cloud, AI, and edge advancements. The event offers 500+ sessions, certification training, and networking opportunities. The Las Vegas event can also be live-streamed on August 27. This marks the first VMware Explore under Broadcom, aiming to provide insights on modernizing data centers and leveraging AI in enterprise environments.
Broadcom announced that its Symantec Cloud Secure Web Gateway (SWG) has received FedRAMP authorization, enhancing its portfolio of solutions for the U.S. public sector.
This solution provides comprehensive cloud-hosted security for U.S. federal agencies adopting a Security Service Edge (SSE) architecture. It allows these agencies to migrate security services from on-premises data centers to cloud-native services without sacrificing security.
Symantec Gov Cloud – Web Protection offers flexible deployment options, supporting both on-premises and cloud deployments. It includes features such as Secure Web Gateway, Reverse Proxy, Deep Content Inspection, and more. This authorization aims to protect users, devices, and data from various threats across all locations with a scalable infrastructure.
Rob Greer from Broadcom highlights that this achievement will help federal agencies transition to the cloud securely. Frank Dickson from IDC emphasizes the importance of FedRAMP certification in establishing trust with federal agencies.
Broadcom announced that its Symantec cybersecurity solutions have successfully completed the Information Security Registered Assessors Program (IRAP) assessment administered by the Australian Cyber Security Centre (ACSC). This evaluation confirms that Symantec Endpoint Security, Symantec Network Protection, and Symantec Data Loss Prevention (DLP) Cloud solutions meet stringent security standards required by Australian government entities. IRAP evaluated the robustness, compliance, and effectiveness of these solutions in protecting critical and sensitive information. The achievement ensures that Broadcom’s security solutions are suitable for combating ransomware and other emerging threats, particularly those targeting government agencies and critical infrastructure.
Broadcom (NASDAQ: AVGO) announced the expansion of the Broadcom Advantage Partner Program for VMware Cloud Service Providers (VCSPs) in Europe. Over 50 VCSP Pinnacle Partners have joined since February 2024, including Redcentric and Telia. The program enhances customer-focused innovation by providing sovereign cloud services that ensure data residency and compliance. Customers gain flexibility with portability of VMware Cloud Foundation (VCF) software across various environments. The initiative aims to foster competition and support European public policy goals. The program also simplifies pricing and improves efficiency for partners.
Broadcom Inc. (Nasdaq: AVGO) reported a revenue of $12,487 million for Q2 FY2024, marking a 43% increase from the same period last year. GAAP net income for the quarter was $2,121 million, while non-GAAP net income stood at $5,394 million. The company achieved an adjusted EBITDA of $7,429 million, representing 59% of revenue. GAAP diluted EPS was $4.42, and non-GAAP diluted EPS was $10.96.
Cash from operations amounted to $4,580 million, resulting in a free cash flow of $4,448 million after capital expenditures. Broadcom announced a quarterly dividend of $5.25 per share and a ten-for-one forward stock split effective July 15, 2024. The company raised its FY2024 revenue guidance to $51.0 billion, a 42% increase, and adjusted EBITDA guidance to 61% of projected revenue, attributing strong results to AI demand and VMware integration.
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