Broadcom Inc. revealed on Thursday that its revenue in the fourth quarter of fiscal 2024 amounted to $14 billion, soaring 51% compared to the same period in 2023. Net income in the reported trimester jumped 23% in comparison to the same timeframe a year ago, reaching $4.3 billion. Diluted earnings per share grew 8% on an annual basis, to stand at $0.90.
For the full 2024, year over year, revenue skyrocketed 44% to $51.6 billion, while net income and diluted earnings per share plunged 58% and 63%, landing at $5.9 billion and $1.23, respectively. In the first quarter of fiscal 2025, the business sees its revenue at around $14.6 billion.
"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," CEO Hock Tan commented.
The company's stock surged 4.75% in the after-hours trade, following the release of the report.
