Broadcom Inc Stock Price, News & Analysis

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.