Okay.
So the fiscal fourth quarter overall revenues, 14 billion.
Not as strong as hoped. Full fiscal year, $12 billion in sales.
That's good. So we're basically concluding that the
sort of more legacy businesses for Broadcom aren't doing as well right now.
Was that your reads? Exactly.
I mean, that was the only negative, but in my opinion, it was not very
surprising. We have heard the same story across of
most of its peers who have already reported, because, remember, Broadcom is
the last one to report. So that should not have caused this kind
of a reaction. I think another thing going here is the
air was upside 8 to 12 billion. Maybe investors were hoping for even
stronger upside there. That's been the story of this entire
earnings season. I do want to look at the sort of
non-core part, because as you know, Apple on Monday and the iPhone, did we
learn anything new about that business and perhaps the trajectory of it?
But really from along with Broadcom and Qualcomm and other chip players, we have
not seen significantly stronger than seasonal outlooks coming into this
iPhone launch, despite the reports that we have been hearing that Apple iPhone
shipments are preparing for 5 to 10% higher shipment volume this year.
Now, 2023 was a down year. So we do expect volumes to be higher
because of that. But we are not seeing any taking
anything out of ordinary from at least Broadcom yesterday.
I want to go to what sort of Truist Securities is saying.
I hate to name the people on the street because your expertise is so important
to us, but he's saying basically it's unpredictable, it's lumpy when it comes
to revenue growth because of as and when we're going to get customers named.
We were thinking that might be more. When will we hear of actual customers
wanting their chips made by Broadcom? Well, at this point, it's not clear.
But, you know, the the fact about being lumpy, that's true.
However, it does. That should not take away anything from
the strength of the growth. We expect the board, the S6 and the
connectivity businesses to grow even stronger next year.
And remember, these are still very highly concentrated few customers, three
at this point. So you are going to expect lumpiness
from quarter to quarter as they adjust their timing of purchases and build out.
We asked you yesterday a slightly unfair question, but I ask it to you again
because you are a fundamentally driven person, but the market just seemed to be
so exuberant around these air names. We've got a deja vu.
Nvidia sold off when its numbers were good.
Broadcom doing the same. Exactly.
I mean, what we are seeing is even solid or strong reports are not strong enough
because the expectations are just stronger, higher than that.
But I just remind people to go back to fundamentals and see.
We saw the same thing again from Broadcom.
We saw from Nvidia. The demand signals keep going stronger
and stronger. Their bookings and backlogs continue to
increase. So there's no such real fundamental risk
factors here, especially when it comes to chips.