Live: Broadcom (AVGO) Q4 Earnings Coverage

With Broadcom’s conference call over, we’ll be ending our updates. Here are three takeaways from their earnings if you’re just joining us:

1. First, last quarter’s earnings were excellent and Broadcom’s guidance is also very strong. The company’s share initially jumped 3% after their earnings were released.
2. Growth next year looks very strong. Broadcom’s AI semiconductor revenue grew 74% last quarter and is expected to accelerate through next year. The company guided to AI semiconductor revenue doubling in Fiscal 2026 and revealed they currently have a $73 billion backlog of AI business they expect to deliver across the next 18 months.
3. Given Broadcom beat earnings last quarter and is forecasting stronger than expected AI revenue in Fiscal 2026, why are shares down? The short answer is that Broadcom has issued a series of ‘surprises’ on recent earnings calls that led to massive gains. Investors were likely waiting for new material information on the company’s earnings call that never came. In addition, Broadcom shares gained 61% across the past six months headed into today’s earnings, so there’s probably some profit-taking happening.

Once again, you can read our updates below if you want more details on Broadcom’s earnings. 

And before you leave, make sure to check out our AI Investor Podcast. 

On the AI Investor Podcast, we don’t just discuss the biggest news in the space, we also give actionable recommendations. So far, our average recommendation is up 74%! In our next episode we’ll be diving deeper into Broadcom’s earnings, so subscribe to make sure you get a notification as soon as it’s released!

As we noted in our prior update, Broadcom (Nasdaq: AVGO) shares fell during the company’s conference call. Let’s unpack some of the highlights from the call and look at the reasons why shares collapsed during it.

All conference call transcriptions are compliments of S&P Capital IQ.

1.) Broadcom Announces An Additional $11 Billion Order from Anthropic :

“These XPUs, I may add, are not only been used to train and influence internal workloads by our customers, the same XPUs in some situations have been extended externally to other LLM peers, best exemplified at Google, where the TPUs use in creating Gemini, have also been used for AI cloud computing by Apple, Coherent and SSI as an example. And the scale at which we see this happening could be significant. And as you are aware, last quarter, Q3 ’25, we received a $10 billion order to sell the latest TPU Ironwood racks to Anthropic. And this was our fourth customer that we mentioned. And in this quarter Q4, we received an additional $11 billion order from the same customer for delivery in late 2026.”

The big ‘announcement’ from the call was Hock Tan noting the company now has $21 billion in TPU orders from Anthropic, a massive sum equal to about 25% of Wall Street’s revenue estimates for calendar 2026.

This large order is likely the reason Broadcom was able to guide AI Semiconductor revenue above consensus to doubling in Fiscal 2026.

2.) Broadcom has an AI Backlog of $73 Billion It Expects to Deliver Across the Next 18 Months 

“Well, to answer your first question, what we said is correct that as of now, we have $73 billion of backlog in place secured of XPUs, switches, DSPs, lasers for AI data centers that we anticipate shipping over the next 18 months. And obviously, this is as of now, I mean, we fully expect more bookings to come in over that period of time. And so don’t take that $73 billion as that’s the revenue that we ship over the next 18 months. We’re just saying we have that now and in that bookings has been accelerating. “

Broadcom’s CEO also noted that this bookings number is a current snapshot, and actual deliveries could top $73 billion in AI sales across the next 18 months as Broadcom takes additional orders.

Overall, there was no specific negative news to point to for Broadcom’s drop. 

That is to say, often when a stock drops sharply during its conference call it’s because the company announced disappointing guidance or new material information that will be a negative. There wasn’t anything in Broadcom’s call that was a red flag. However, here are a few reasons that contributed to Broadcom’s drop.

• No Surprises: Broadcom has issued several surprises in recent conference calls that led to shares soaring. The biggest ‘surprise’ today was a fifth customer, but this fifth customer has a relatively small billion-dollar order for late 2026. That’s not going to move the needle in a significant way.
• Muddled Answer on Customer Tooling: In our live earnings coverage, we said Wall Street would ask about the threat of ‘customer tooling,’ and it didn’t take long for that question to come up. Hock Tan’s answer was brief, essentially brushing ‘customer tooling’ off as a non-threat. That wasn’t a specific enough answer to one of the biggest ‘bear arguments’ against the company and led to accelerated selling.
• Profit-Taking: Broadcom shares were up more than 70% this year, headed into earnings (and are now worth more than $2 trillion), and without major surprises on the conference call like a new major customer, there likely was some profit-taking as Broadcom trades for a relatively rich forward multiple compared to rivals like NVIDIA.

Broadcom shares have taken off in several recent conference calls, but today the opposite happened. Shares are down 4%, a reversal from the 3% gains when the call started, we’ll post our notes from the call shortly.

We’ll slow updates as we listen to Broadcom’s conference call. Here are a few important notes:

1. We will post a summary of the most important takeaways from the call. Simply leave this page open and that post will load automatically once their call has concluded.
2. If you haven’t had a chance yet, please make sure to subscribe to 24/7 Wall St.’s AI Investor Podcast. It’s hosted by Technology Analyst Eric Bleeker – the person updating this blog today – and each week we break down the biggest news in AI and issue new stock recommendations. It’s absolutely free, so don’t forget to subscribe before you leave this blog. We’ve also embedded the most recent episode below if you want to give the podcast a listen.
3. If you’d like to listen to Broadcom’s conference call you can join here.

As of 4:45 p.m. ET, Broadcom (Nasdaq: AVGO) shares are holding onto 3% gains after-hours. Next up, the company’s conference call begins at 5 p.m.

We expect Wall Street to focus on the following key areas:

• Is Positive Guidance All Thanks to TPUs? It’s estimated that about 90% of Broadcom’s custom AI chip sales are coming from TPU right now, but the company keeps highlighting major customer wins. Look for Wall Street analysts to ask questions focusing on whether the acceleration in AI semiconductor sales next quarter are mostly from Google ramping TPU production, or whether areas like networking are also contributing at outsized rates.
• Updates on Other Custom Accelerator Projects: Broadcom has detailed four major customers that could produce massive amounts of revenue in the coming years. As we noted earlier, Broadcom’s growth is impressive today, but Wall Street expects EPS to hit $22.17 in 2029, which is a massive jump from EPS of $9.39 next year. Wall Street is always looking for more details on when these other projects will begin reaching mass production.
• Defenses from Competitive Threats: Google is creating two versions of its next TPU and working with Mediatek in addition to Broadcom. The reason is simple: Broadcom is making massive sums of money off its TPU project. Watch for Wall Street to ask for questions around how Boradcom defends against its largest customers pushing deeper into ‘customer-owned tooling.’

As a reminder, here were the key themes from the company’s last conference call.

1. Broadcom’s AI Engine Accelerates — XPUs Now the Center of Gravity

Broadcom said AI semiconductors remain the company’s defining growth driver, with Q3 AI revenue climbing 63% YoY to $5.2B. The biggest shift: custom XPUs now make up 65% of AI revenue, as Broadcom gains share across all three legacy hyperscale customers. Management also confirmed a major new catalyst, a fourth XPU customer that has already placed more than $10B in AI rack orders, shipping in Q3 FY26. CEO Hock Tan signaled that FY26 AI growth will be even faster than FY25’s 50–60% pace, calling the outlook “fairly material.”

2. Networking Becomes the Next Bottleneck — Ethernet Takes the Lead

As AI clusters scale toward 100,000+ compute nodes, Broadcom said networking is emerging as the key constraint and competitive battleground. Tan highlighted new product launches,Tomahawk 5, Tomahawk 6, and Jericho4, designed for scale-up, scale-out, and scale-across architectures, including multi–data center clusters. Broadcom framed Ethernet as the long-term winner over proprietary interconnects like NVLink, InfiniBand, or emerging UALink, citing its maturity, openness, and leadership position inside hyperscaler designs. XPUs are being built natively around Ethernet interfaces, reinforcing Broadcom’s advantage.

3. VMware Transformation Enters Phase Two — Private Cloud at Scale

Broadcom reported 17% YoY growth in infrastructure software, driven by strong uptake of VMware Cloud Foundation. More than 90% of the top 10,000 VMware customers have now adopted VCF, marking the end of the licensing transition phase. The next stage is a multi-year deployment cycle as enterprises build out private cloud environments capable of running both traditional workloads and emerging AI jobs. Tan noted that Broadcom is intentionally commoditizing servers, storage, and networking to lower total cost of ownership for customers — a strategic lever to compete with public cloud. Traction in the mid-market remains mixed, but large-enterprise adoption continues to expand.

Broadcom (Nasdaq: AVGO) shares are up 3.2% after-hours. Here are some key reasons shares are surging.

• Earnings Beat Last Quarter: Broadcom’s last quarter was extremely solid. Adjusted EPS of $1.95 topped expectations of $1.87. Revenue of $18.02 billion topped expectations of $17.46 billion.
• And Next Quarter Tops Expectations: Guidance was the start of this earnings release as Broadcom guided to sales of $19.1 billion next quarter, which topped analyst estimates of $18.31 billion by a wide margin. That’s a big enough beat to top ‘buy side’ numbers that are generally higher than what ‘sell side’ analysts are modeling.
• AI Sales Are Accelerating: Broadcom CEO Hock Tan said the company will see AI semiconductor sales accelerate from 74% growth last quarter to doubling year-over-year next quarter.

Why is guidance so strong? The likely answer is Google scaling its TPU project above Wall Street’s expectations. Beyond Broadcom, that’s great news for companies like Lumentum, Celestica, and TTMI Technologies. 

All three of those companies are also up after-hours.

Earnings call details

Broadcom (AVGO) will host its earnings call on Thursday, December 11 at 2:00 pm PT. You can join live by visiting the investor relations page here.

As we’ve noted, Broadcom shares have seen massive moves during several recent conference calls. So we recommend getting the full details on what the company shares in tonight’s call. 

We will post an update after the call concludes so if you stay on this page, you will receive our analysis on the call.

Broadcom delivered robust growth in Q4 2025, with revenue up 28.2% to $18.02 billion and net income nearly doubling to $8.52 billion. Cash and equivalents surged 73.1% to $16.18 billion, while operating cash flow climbed 37.5% to $7.70 billion.

Broadcom announced it was raising its dividend to $.65 per share. That puts the company at a $2.60 target in Fiscal 2026.

That’s not a massive yield, but the company does stay committed to returning capital to shareholders. The biggest reason Broadcom’s yield is low is because shares keep rising at such impressive rates. 

Shareholders can live with that situation.

Let’s focus on the quotes from Broadcom CEO Hock Tan in their earnings release:

“In Q4, record revenue of $18.0 billion grew 28% year-over-year, driven primarily by AI semiconductor revenue increasing 74% year-over-year. We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches. We forecast Q1’26 total revenue of $19.1 billion and adjusted EBITDA of 67%.”

Note that in Q4 AI semiconductor revenue was up 74% year-over-year but the forecast for Q1 is for it to double year-over-year.

That is to say, Broadcom’s guidance implies acceleration beyond what Wall Street was modeling. 

Simply put, that is why shares are positive after-hours. As of 4:25, Broadcom shares are up 2.5%.

Here’s a breakdown of the key figures from Broadcom’s (Nasdaq: AVGO) Q4 earnings.

AVGO | Broadcom Inc. Q4’25 Earnings Highlights:

• Adj. EPS: $1.95 (Est. $1.87) [✅]; UP +37% YoY
• Revenue: $18.0B; UP +28% YoY
• Adj. Gross Margin: 67.8%; UP +90 bps YoY
• Net Income: $8.5B; UP +97% YoY
• Free Cash Flow: $7.5B; UP +36% YoY
• Quarterly Dividend: $0.65 per share; UP +10% from prior quarter

Q1’26 Outlook:

• Revenue: $19.1B (Est. $18.3B) [✅]
  • Guidance reflects continued strong demand, particularly in AI semiconductor revenue, which is expected to double year-over-year to $8.2 billion.
  • Adjusted EBITDA is projected to be 67% of revenue, indicating stable profitability.

Q4 Segment Performance:

• Semiconductor Solutions Revenue: $11.1B; UP +35% YoY
• Infrastructure Software Revenue: $6.9B; UP +19% YoY

Other Key Q4 Metrics:

• Adj. Operating Income: $11.9B; UP +35% YoY
• Adj. Operating Expenses: $2.1B; DOWN -X% YoY
• R&D Expenses: $3.0B; UP +33% YoY
• Effective Tax Rate: 24.0% (vs. 11.7% YoY)
• Cash and Cash Equivalents: $16.2B (vs. $9.3B YoY)

CEO Commentary:

• Hock Tan: “In Q4, record revenue of $18.0 billion grew 28% year-over-year, driven primarily by AI semiconductor revenue increasing 74% year-over-year. We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches. We forecast Q1’26 total revenue of $19.1 billion and adjusted EBITDA of 67%.”

CFO Commentary:

• Kirsten Spears: “In fiscal year 2025 adjusted EBITDA increased 35% year-over-year to a record $43.0 billion, and free cash flow was strong at $26.9 billion. Based on increased cash flows in fiscal year 2025, we are increasing our quarterly common stock dividend by 10% to $0.65 per share for fiscal year 2026. The target fiscal year 2026 annual common stock dividend of $2.60 per share is a record, and the fifteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.”

First quarter guidance of $19.1 billion, which tops expectations of $18.31 billion. That’s a solid beat on forward guidance.

Here’s what the company had to say about AI revenue in the first quarter:

“We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches.”

Shares are currently up 2.8%. 

Broadcom’s semiconductor sales were $11.07 billion which clears estimates of $10.73 billion.

Broadcom (Nasdaq: AVGO) earnings just hit the newswires and we’re reviewing them and will continue issuing new updates and analysis. However, here are the key numbers to focus on.

Fourth Quarter Earnings

What Broadcom Announced:

• Revenue (Q4 FY25): $18.02B
• EPS (Normalized, Q4 FY25): $1.95

Wall Street expected:

• Revenue (Q4 FY25): $17.46B
• EPS (Normalized, Q4 FY25): $1.87

Shares are initially up 3%.

This is a developing story and we will continue updating this blog. Stay on it for more updates which will automatically load. 

Five more minutes until Broadcom reports.

It’s a quiet earnings night with Lululemon, Costco, and Restoration Hardware being the other notable names reporting after the bell.

The stock market just closed and Broadcom finished the day down 1.6%.

Here are three notes before the company reports.

1.) As a reminder, we expect Broadcom’s earnings will drop at 4:15 p.m. ET. If you see a share price reaction before then, its likely just ‘noise.’

2.) If you want to receive news and updates the moment Oracle’s earnings release, simply stay on this page. New updates should push automatically. 

3.) If you haven’t had a chance yet, subscribe to our AI Investor Podcast. It’s free and offers new AI stock recommendations (the average recommendation in the portfolio is up 74% so far!) We’ll be breaking down Broadcom’s earnings in more detail in our next episode.

As we noted earlier, the biggest story in the market today was Oracle (Nasdaq: ORCL) shares continuing to plummet. The company has been selling off across the past quarter on fears it was becoming too reliant on OpenAI.

After Oracle announced capital expenditures would reach $50 billion in 2026 (a $15 billion rise from their last guidance), investors hit the exits.

Fear peaked today at about 10 a.m. ET. At that time, the iShares Semiconductor ETF was down about 3%. As the day has gone on, stocks in the sector have rebounded. Yet, the iShares Semiconductor ETF is still down .83% in late trading while the Dow Jones is up 1.35%.

Shares of Broadcom rebounded alongside most other semiconductor stocks, but are still down about 1.5% in late trading. NVIDIA saw a similar drop in the morning, and its shares are down 1.6% today.

As a reminder, we expect Broadcom’s earnings to release at about 4:15 p.m. ET. The moment they hit the newswires we’ll begin posting live news and analysis.

You don’t need to do anything for new updates to appear. Simply leave this page open and we’ll post the most important figures, analysis of Broadcom’s earnings, and a look at why the stock is either rising or falling after earnings.

It’s almost time for Broadcom (Nasdaq: AVGO) to report its Fiscal Q4 earnings. Here are five things you need to know to you prepared for tonight’s fourth quarter earnings release.

1.) Don’t Look Into Price Movements After the Market Closes

Broadcom reports after the bell today, but if the stock is moving at 4:03 p.m. ET, it’s likely nothing related to earnings. We expect Broadcom’s earnings to hit newswires at 4:15 p.m. ET.

Once earnings release, our team of technology analysts will begin breaking down Broadcom’s earnings and providing our analysis on why Wall Street is either buying up shares or selling Broadcom after its earnings release.

2.) Despite Broadcom’s Surging Share Price, Expectations for Q4 Have Held Steady the Past 90 Days

Here’s what Wall Street expects when Broadcom reports tonight:

• Revenue (Q4 FY25): $17.46B
• EPS (Normalized, Q4 FY25): $1.87

What’s interesting is that while Broadcom’s share price has been rising steadily, up 61% the past six months, near-term expectations haven’t risen much.

90 days ago the street expected $1.87 in adjusted earnings and headed into today, that number is still just $1.87.

3.) Broadcom is Rising On Expectations of Future Growth

If near-term expectations aren’t rising, you’re probably wondering why Broadcom’s stock has seen such incredible gains recently. The short answer is that expectations for out years (2027, 2028, 2029) have been rising steadily.

For example, EPS expectations for next year were $9.17 ninety days ago and are now $9.39. By 2029, Wall Street expects Broadcom to generate $22.17 in adjusted profits as custom ASIC projects from new customers enter mass production.

4.) Broadcom SHOULD Beat Earnings

Prediction market Polymarket currently has 96% odds that Broadcom will beat earnings last quarter. If Broadcom missed earnings, we’d expect a fairly sharp negative reaction to its share price. Even if Broadcom tops estimates, that’s no assurance shares will rise.

5.) Investors Will Be More Focused on Guidance and the Company’s Conference Call

Finally, expect the reaction to Broadcom’s earnings to focus less on their performance last quarter and more on their guidance and what CEO Hock Tan says on the company’s conference call.

Wall Street expects Broadcom to guide to $18.31 billion in sales in Fiscal Q1, so the company will likely need to top that number or else the initial reaction to their earnings release will be negative.

It’s worth noting that in multiple recent quarters, shares of Broadcom have taken off after quotes from Hock Tan.

Tan is a very savvy CEO, and will often save information for Broadcom’s call that he knows will be received warmly by the market. The company’s conference call starts at 5 p.m. ET.

24/7 Wall St. is focused on helping investors win big in the AI space. Every earnings season, we publish hundreds of live blogs like you’re reading right now, but our top resource is The AI Investor Podcast.

In the Podcast, we break down the biggest news in AI each week and issue AI recommendations for our $500,000 AI Portfolio.

One of our better recommendations: buying shares of Broadcom on October 11, 2024, and buying more on December 6, 2024. Those two recommendations are up 125% and 127%.

Other great recommendations we’ve made include Credo (up 455%), Lumentum (339%), Ciena (243%), and SK Hynix (up 163%).

We’ve embedded our latest episode below. Subscribing is absolutely free. If you’re looking for a trusted source for discovering new AI stock ideas – and getting updates on stocks like Broadcom – look no further than the AI Investor Podcast.

Coming off EPS beats versus consensus estimates and just about at all time highs, Broadcom is trading lower today, down 1.72% before earnings drop in just a few hours.

As a refresher, here are the biggest themes from last quarter’s conference call:

1. Broadcom’s AI Engine Accelerates — XPUs Now the Center of Gravity

Broadcom said AI semiconductors remain the company’s defining growth driver, with Q3 AI revenue climbing 63% YoY to $5.2B. The biggest shift: custom XPUs now make up 65% of AI revenue, as Broadcom gains share across all three legacy hyperscale customers. Management also confirmed a major new catalyst, a fourth XPU customer that has already placed more than $10B in AI rack orders, shipping in Q3 FY26. CEO Hock Tan signaled that FY26 AI growth will be even faster than FY25’s 50–60% pace, calling the outlook “fairly material.”

2. Networking Becomes the Next Bottleneck — Ethernet Takes the Lead

As AI clusters scale toward 100,000+ compute nodes, Broadcom said networking is emerging as the key constraint and competitive battleground. Tan highlighted new product launches,Tomahawk 5, Tomahawk 6, and Jericho4, designed for scale-up, scale-out, and scale-across architectures, including multi–data center clusters. Broadcom framed Ethernet as the long-term winner over proprietary interconnects like NVLink, InfiniBand, or emerging UALink, citing its maturity, openness, and leadership position inside hyperscaler designs. XPUs are being built natively around Ethernet interfaces, reinforcing Broadcom’s advantage.

3. VMware Transformation Enters Phase Two — Private Cloud at Scale

Broadcom reported 17% YoY growth in infrastructure software, driven by strong uptake of VMware Cloud Foundation. More than 90% of the top 10,000 VMware customers have now adopted VCF, marking the end of the licensing transition phase. The next stage is a multi-year deployment cycle as enterprises build out private cloud environments capable of running both traditional workloads and emerging AI jobs. Tan noted that Broadcom is intentionally commoditizing servers, storage, and networking to lower total cost of ownership for customers — a strategic lever to compete with public cloud. Traction in the mid-market remains mixed, but large-enterprise adoption continues to expand.

Broadcom enters Thursday’s post-market earnings report trading at $412.97, near its 52-week high of $414.61 and aligned with Wall Street’s consensus target of $412.02. The stock sits 15% above its 50-day moving average ($358.44) and 49% above its 200-day ($277.13), signaling strong bullish momentum.

Key support levels formed at $390-$395 and $380-$385, tested and held during early December. Volume spiked to 47.3 million shares on November 24’s +8.7% breakout, with recent sessions maintaining elevated activity at 31.5 million shares—suggesting institutional positioning ahead of results.

The technical setup reflects extreme optimism: 93.6% of analysts rate AVGO as Buy or Strong Buy, while Polymarket traders assign 68% odds the stock rises post-earnings. With four consecutive earnings beats averaging +2.64% above estimates, investors bet AI infrastructure demand drives another upside surprise when management reports at 4:00pm ET.

Broadcom (Nasdaq: AVGO) reports earnings after the bell tonight, but shares are already on the move this morning. As of 10:15 a.m. ET, shares are down a little more than 3%. Let’s look at why investors are selling off Broadcom shares before it reports earnings today.

1.) Oracle Leads to Tech Sell-Off

The biggest story in technology today is a sell-off in AI stocks caused by Oracle‘s (Nasdaq: ORCL) Fiscal Q2 earnings last night. We were covering the earnings live yesterday. At first, Oracle shares slumped 6% as investors weren’t pleased with the company missing on earnings last quarter. However, the selling really kicked into overdrive when Oracle announced its capital expenditure plans were rising by $15 billion this year.

There has been a divide in technology where stocks that have exposure to Google and its TPU chips have seen strong gains in recent months while stocks with more exposure to OpenAI have sold off. Broadcom has benefitted from this dynamic, as Google is its number one customer. However, Broadcom’s future growth (and diversification away from Google) relies heavily on OpenAI, so concerns about Oracle taking on too much risk will impact Broadcom as well.

2.) Tech Stocks Are Selling Off

We’re seeing a rotation out of riskier sector towards more conservative ones during today’s trading.

Materials stocks are up 1.69%, Financials are up 1%, Health Care stocksa re up .98%.

Meanwhile, Information Technology stocks are down 1.35%. This rotation out of highly appreciated stocks is hitting Broadcom.

3.) Profit-Taking Before Earnings

A final reason for Broadcom’s drop today is just likely some profit-taking before earnings. The company is up 73% year-to-date. Put another way, Broadcom has outperformed every Magnificent 7 stock, and is now larger than Mag 7 constituents like Meta Platforms and Tesla.

With year-end approaching and fears that AI has reached a ‘bubble’ stage growing on Wall Street, we’re likely seeing some profit-taking before the company releases earnings tonight.

Prediction markets signal overwhelming confidence in Broadcom beating the $1.87 non-GAAP EPS consensus when results drop after market close. Polymarket data shows 96% probability of a beat, with traders pushing odds higher throughout the day, up 8.1% in the last 24 hours alone. The market’s $21,200 total volume, with 75% traded in the past day, reflects conviction rather than speculation.

That confidence isn’t baseless. Broadcom has beaten estimates for eight consecutive quarters, averaging a 2.7% surprise. Apply that pattern and the actual print lands near $1.92, right where the crowd expects. The tight bid-ask spread ($0.951/$0.964) shows minimal disagreement among participants.

With the stock already up 21% over the past month to $413, traders have priced in success. The real test: whether management’s guidance justifies the rally or triggers profit-taking despite a beat.