Two AI companies are set to report their latest financial results next month. The S&P 500 is currently at a record high, with nearly 80% of companies exceeding Wall Street’s expectations for the first quarter of 2024, according to FactSet. CrowdStrike and Broadcom, both known for their operational success, will be releasing their financial results in June.
CrowdStrike, a cybersecurity software provider, utilizes AI to identify, prevent, and remediate security risks. The company’s Falcon platform offers cloud security, identity protection, and exposure management in addition to endpoint security. With its AI models trained on over 2 trillion security events daily, CrowdStrike delivered $3.06 billion in revenue in fiscal year 2024 and predicts up to $3.99 billion in revenue for fiscal 2025. The company plans to expand its product portfolio and regions of operation to achieve $10 billion in annual recurring revenue by 2032, targeting a market worth $225 billion by 2028. CrowdStrike will announce its first-quarter results on June 4.
Broadcom, initially a semiconductor company, has diversified its focus through acquisitions such as CA Technologies, Symantec, and VMware, spending nearly $100 billion in total. Broadcom produces data center switches, cybersecurity products integrated with AI, and virtual machine software for AI developers. In fiscal 2023, Broadcom generated $35.8 billion in revenue, and with VMware’s inclusion, expects a 40% increase to $50 billion in fiscal 2024. The company’s first-quarter revenue grew by 34%, and second-quarter results are scheduled for release on June 12.
Investors may want to consider investing in both CrowdStrike and Broadcom for the long term due to their innovative use of AI technology across various sectors. With strong financial performances and growth forecasts, these companies present promising investment opportunities in the evolving AI landscape.
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https://www.fool.com/investing/2024/05/25/2-unstoppable-stocks-to-buy-hand-over-fist-in-june/