Broadcom Inc. - AVGO STOCK NEWS

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.

Broadcom announced a new portfolio of 400G PCIe Gen 5.0 Ethernet adapters aimed at enhancing AI data center networking. These adapters are built using 5nm process technology, making them highly power and thermally efficient. They support passive copper cables up to five meters and low-power optics, enabling higher rack density with air-cooling.

The portfolio features advanced RoCE pipeline, low-latency congestion control, and telemetry, ideal for AI data centers requiring high bandwidth and low latency. Broadcom's adapters are compatible with various CPUs, GPUs, and Ethernet switches, supporting open standards for better ecosystem integration.

These adapters aim to resolve connectivity bottlenecks in growing AI infrastructures, offering scalable, high-performance solutions for future AI workloads. The products are available from multiple server vendors and Broadcom directly.

Broadcom announced the Accelerate Program on May 17, 2024, which aims to enhance customer experience through sole-provider distribution agreements. This initiative expands the Broadcom Global Cybersecurity Aggregator Program, delivering improved service levels for Broadcom's software solutions. The program supports CA Technologies enterprise software, mainframe software, and Symantec cybersecurity solutions through regional distributors. Key distributors include Carahsoft Technology and TD SYNNEX in North America, Arrow Electronics and MBCOM Technologies in Europe and emerging markets, and TD SYNNEX in Latin America. Broadcom aims to extend this program to Asia Pacific and Japan and include the Carbon Black cybersecurity portfolio.

Broadcom Inc. (NASDAQ: AVGO) has launched Automic SaaS, offering advanced workload automation and workflow orchestration capabilities. The solution unifies automation across mainframe, distributed, and hybrid cloud environments, freeing up resources for strategic automation projects. Automic SaaS provides cost efficiencies, enhanced security, and expert conversion support. With seamless access to the latest features and certified for RISE with SAP S/4HANA Cloud support, Automic SaaS is a game-changer in the industry.

Broadcom Inc. (NASDAQ: AVGO) will announce its second quarter fiscal year 2024 financial results and business outlook on June 12, 2024. The company, a global technology leader in semiconductor and infrastructure software solutions, will host a conference call at 2:00 p.m. Pacific Time on the same day to discuss the results. Investors can listen via telephone or internet and access an audio replay on the Broadcom website.