Broadcom surpasses USD1T market value
Date
12/14/2024 3:47:00 AM
(MENAFN) On Friday, Broadcom achieved a significant milestone, surpassing a market valuation of USD1 trillion for the first time. This surge came after the company saw its stock price rise by approximately 24.4 percent, pushing its market capitalization to USD1.05 trillion. As of the market’s close for the week, Broadcom's shares were priced at USD224.8 each.
The substantial increase in share value followed the release of the company's latest financial results, which exceeded analysts' expectations for the fourth quarter. These results also highlighted impressive growth in AI-related revenue.
Broadcom's total revenue for the quarter reached USD14.05 billion, reflecting a 51 percent year-over-year increase, based on preliminary data. Meanwhile, the company's net profit rose by 23 percent, amounting to USD4.32 billion.
Additionally, Broadcom revealed a remarkable 220 percent surge in its AI revenue for 2024, which reached a staggering USD12.2 billion.
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