AVGO公布的第三季度财报喜忧参半，部分指标未达预期导致股价下跌；然而，其增长和估值依然强劲，足以表明此次未达预期并不代表进展停滞，但确实未能吸引立即的买盘。
逐段跳播
是的，我和Sam，这件事我本来想跟你谈的，但博通的新闻要来了。所以，让我们看看那些数字，Sam，我马上回来找你。
Yes, me and Sam, this is something I wanted to come to you about, but the Broadcom news is coming. So, let's look at those numbers, Sam, I'll get back to you right away.
博通第三季度每股收益为3.32美元，预期为3.23美元。所以，我们多赚了大约10美分。我们的收入为295.9亿美元。这略好于预期的294.5亿美元。所以，我们在收入方面超出了预期。
Broadcom's third- quarter EPS was 3.32. It was estimated to be 3.23. So, we made about 10 cents more there. Our income is 29.59 billion. This is slightly better than the expected 29.45. So, we have exceeded expectations in terms of revenue.
我们还有一些指引。他们预计第四季度收入约为348亿美元。市场预期约为350.5亿美元。所以，略低于市场对下季度的预期。让我们看看他们的每股收益是否在这里可用。它还没有到，但他们预计本季度为3.32美元。
We also have some guidelines. They estimate their fourth-quarter revenue to be around 34.8 billion. The expectation was around 35.05. So, slightly lower than market expectations for the next quarter. And let's see if their EPS or earnings per share is available here. It hasn't arrived yet, but they are expecting 3.32 for the current quarter.
我还没有看到他们对此的指示。然而，基础设施收入为87.5亿美元。这低于预期。估计为88.8亿美元，而他们的第四季度收入指引再次略低于201亿美元的营业收入。这超过了197亿美元的估计。GAAP营业收入为160亿美元。
I haven't seen their instructions for this yet. However, the revenue from infrastructure was 8.75 billion. Which was lower than expected. Estimates were 8.88 and their fourth-quarter revenue guidance was again slightly below the 20.1 billion operating income. This exceeded the estimate of 19.7. GAAP operating income came in at 16 billion.
然而，基础设施收入为87.5亿美元。这低于预期。估计为88.8亿美元，而他们的第四季度收入指引再次略低于201亿美元的营业收入。这超过了197亿美元的估计。GAAP营业收入为160亿美元。
However, the revenue from infrastructure was 8.75 billion. Which was lower than expected. Estimates were 8.88 and their fourth- quarter revenue guidance was again slightly below the 20.1 billion operating income. This exceeded the estimate of 19.7. GAAP operating income came in at 16 billion.
Alex，我们正在快速下跌。由于好坏参半的报告，我们现在下跌了约6%。我的意思是，尽管我们在收入方面表现良好，但让我们看看一些指标、收入分析和未来指引。我认为这比我们预期的要复杂一些。
Alex, we're going down fast. We are now down about 6% due to mixed reports. I mean, even though we're doing well in terms of revenue, let's look at some metrics and revenue analysis and future guidance. I think this is a bit of a mixed report than we expected.
我们还有半导体解决方案收入。这是一个重要的指标，刚刚达到208.4亿美元。这好于205.1亿美元的预期。是的，我认为有一些事情要记住，你读了这些数字。他们在几个指标上落后了。这可能是主要AI公司之一的盈利首次未能达到预期。
所以，我们从这里开始，但我不知道怎么说。我不确定这对市场来说是否是一个巨大的意外，因为该股承受了很大的压力。它在过去几周下跌了超过10%。这远低于其峰值。上次它在指引方面落后或至少看起来令人失望。上次，它下跌了超过10%作为回应。
We also have semiconductor solutions revenue. This is an important metric that just came in at 20.84 billion. This is better than the expectation of 20.51. Yes, I think there are some things to keep in mind, you read the numbers. They were lagging behind in several metrics. This is probably the first time that one of the major AI companies' earnings failed to meet expectations. So, we're starting from there, but I don't know how to say it. I'm not sure if this is a big surprise for the market, as the stock was under a lot of pressure. It has fallen by more than 10% in the last few weeks. This is far below its peak. Last time it was lagging behind in terms of guidance or at least seemed disappointing. Last time, it fell by more than 10% in response.
是的，我的意思是它肯定没有完全失败。我的意思是半导体收入，一个非常重要的指标。这好于市场预期。这好于公司自己的预测，后者为167亿美元。这是同比增长221%，环比增长54%。
Yeah, I mean it's definitely not falling flat on its face. I mean semiconductor revenue, a very important metric. This was better than market expectations. This was better than the company's own forecast, which came in at $16.7 billion. This is a 221% growth year-on-year and a 54% growth quarter-on-quarter.
首席执行官Haque Tan表示，对AI加速器和网络的需求仍然非常强劲。他们还有下季度的AI半导体收入预测。他们预计它将增长到217亿美元。所以，那里没有放缓。如果他们能达到这个目标，那将是每年236%的增长。
And CEO Haque Tan said that the demand for AI accelerators and networking is still very strong. They also have AI semiconductor revenue forecasts for the next quarter. They expect it to grow to $21.7 billion. So, there is no slowdown there. If they can meet that goal, it will be 236% growth per year.
Sam，我知道市场现在正在等待我们还没有的大数字，但也许他们可以在电话会议中传达它，即本财年的指引和对1000亿美元AI收入目标的讨论。我们还没有得到它，但我的问题是，这是否足以改变现状并扭转讨论的趋势？
And Sam, I know the market is waiting for the big number right now that we don't have yet, but maybe they can communicate it during the call, is the guidance for this fiscal year and the discussion of the $100 billion AI revenue target. We don't have it yet, but my question is, is this enough to change the situation and turn the tide of the discussion?
是的，我所看到的一切都是关于那个预测增长，特别是他们在上个季度重申了收入前景之后。正如Alex提到的，华尔街在最近几个月一直无法克服焦虑，特别是在上个季度的事件之后，我们看到了重大的股价下跌。事实上，这是我们见过的对盈利最糟糕的反应。
Yes, everything I'm seeing is about that forecast growth, especially after they reiterated their revenue outlook last quarter. As Alex mentioned, Wall Street has been unable to overcome anxiety in recent months, especially after the events of last quarter, where we saw major stock price declines. In fact, it was the worst earnings response we've ever seen.
Ben Emmons在最后几个小时提到，关键驱动因素可能是你提到的AI半导体收入，因为它超过160亿美元，同比增长超过200%，因为我们看到超大规模客户的需求。
Ben Emmons mentioned in the last few hours that the key driver could be that AI semiconductor revenue, which you mentioned because it's over $16 billion, up over 200% year-over-year, because of the hyperscaler demand that we're seeing.
但让我们看看Haq Tan在电话会议上说什么，因为你必须注意他说的每一个字。他不是一个像Jensen Huang或Tim Cook那样非常公开的人物，后者在Twitter上大声说话，举行新闻发布会，或像外交官一样行走。
所以，让我们看看他们说什么，但他过去曾向投资者保证这些强劲的长期合同，并且他们显然因提供这种透明度而得到了回报。所以，让我们看看他们今晚是否能做到同样的事情。
But let's see what Haq Tan says on the call, because you have to pay attention to his every word. He is not a very public figure like Jensen Huang or Tim Cook, who is loud on Twitter, holds press conferences, or walks like a diplomat. So let's see what they say, but he has assured investors in the past about these strong long-term contracts and they have clearly been rewarded for providing that transparency. So, let's see if they can do the same tonight.
电话会议将在大约40分钟后开始。我们将收听博通的电话会议，但让我们看看。博通下跌了约5%。
The call will start in about 40 minutes. We'll listen to Broadcom, but let's take a look. Broadcom is down about 5%.
如果他们不说任何让事情变得更糟的话，我不会感到惊讶，但你不会看到买家抓住机会，因为即使他们没有达到目标，这些数字在增长和估值方面仍然相当令人印象深刻。所以，我们说目标没有达到，但这并不意味着增长完全停滞。
这些数字仍然非常令人印象深刻。市场预期终于赶上了他们。
I wouldn't be surprised if they didn't say anything to make things worse, but you wouldn't see buyers jumping on the opportunity, because even though they didn't meet their targets, the numbers are still pretty impressive in terms of growth and valuation. So, we are saying that the target was not met, but that does not mean that growth has completely stalled. The numbers are still really impressive. Market expectations have finally caught up with them.
这个频道对 $AVGO 的历次判断
Schwab Network 在这只股票上共 6 条判断，这里只列相邻的几条。