Broadcom Q3 2024 Earnings Analysis
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Broadcom Q3 2024 Earnings Analysis
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Before we jump in, I need to share our standard disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
So Jordan, let's start with the headline numbers - what jumped out at you?
JORDAN: Alex, these numbers are pretty remarkable. Broadcom posted $13.1 billion in revenue, up 47% year-over-year. Operating profit was up 44%. But here's the thing - when you strip out VMware, which they acquired last year, the underlying semiconductor business only grew 4% year-over-year. So this is really a story of two businesses firing on different cylinders.
ALEX: Right, and speaking of VMware, that integration seems to be going better than expected. Can you break down what's happening there?
JORDAN: Absolutely. VMware contributed $3.8 billion in revenue this quarter, and Hock Tan was pretty excited about their transformation strategy. They're aggressively moving customers from perpetual licenses to subscription models, specifically pushing something called VMware Cloud Foundation - that's their full virtualization stack.
What's impressive is they booked over 15 million CPU cores of this product, representing 80% of total VMware bookings. That translated to $2.5 billion in annualized booking value, up 32% from the prior quarter.
ALEX: And they're cutting costs at the same time, right?
JORDAN: Exactly - classic Broadcom playbook. They brought VMware's operating expenses down to $1.3 billion from $1.6 billion in Q2. Tan said they're on track to hit their target of $8.5 billion in adjusted EBITDA within three years, and maybe even exceed it by fiscal 2025.
ALEX: Now let's talk about the elephant in the room - AI. Everyone wants to know how Broadcom is riding this wave.
JORDAN: AI is absolutely driving their semiconductor business. Tan said AI revenue will hit $3.5 billion in Q4, bringing the full year to $12 billion - up from their previous guidance of $11 billion. That's huge growth.
The interesting part is the mix - about two-thirds is custom AI accelerators and one-third is AI networking. These are the chips that power AI data centers for the big hyperscalers like Google, Amazon, Microsoft.
ALEX: There was some interesting commentary about custom chips versus off-the-shelf GPUs. What's Tan's view on where this market is headed?
JORDAN: This was fascinating, Alex. Tan actually said he's changed his mind on this. He used to think general-purpose merchant chips would win - that's typically how the semiconductor industry works. But now he believes the big cloud companies have the scale and financial resources to justify building their own custom AI accelerators.
His logic is compelling: if GPUs are more important than engineers to these companies right now - and he literally said that - then controlling your own silicon destiny makes sense. He sees this trend accelerating, though it'll take time.
ALEX: What about the non-AI semiconductor business? That's been struggling, right?
JORDAN: Yeah, but here's the key - Tan believes they've hit bottom. Non-AI bookings were up 20% year-over-year in Q3, which is a strong leading indicator. Networking revenue outside of AI was up 17% sequentially, even though it was still down 41% year-over-year.
The company sees different recovery timelines by segment - server and storage are showing early signs of improvement, wireless should get a boost from new device launches, but broadband remains weak due to telecom spending cuts.
ALEX: There were some good questions from analysts during the Q&A. Anything particularly noteworthy?
JORDAN: One analyst asked about th
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