- Revenue of $6,655 million for the first quarter, up 14 percent from the prior year period
SAN JOSE, Calif., March 4, 2021 — (PRNewswire) — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its first quarter of fiscal year 2021, ended January 31, 2021, provided guidance for the second quarter of its fiscal year 2021 and announced its quarterly dividends."We executed well during our first fiscal quarter driving 14% organic growth year on year," said Hock Tan, President and CEO of Broadcom Inc. "This growth reflects the critical role our technology franchises play in this environment of accelerated digital transformation."
"This quarter highlights the strength of our financial model with 14% year over year revenue growth translating to an increase in operating profit of 23%," said Kirsten Spears, CFO of Broadcom Inc. "We continue to deliver strong free cash flow, approximately $3 billion in the quarter, representing 35% growth on a year on year basis."
First Quarter Fiscal Year 2021 Financial Highlights
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| GAAP |
| Non-GAAP | ||||||||||||||
(Dollars in millions, except per share data) |
| Q1 21 |
| Q1 20 |
| Change |
| Q1 21 |
| Q1 20 |
| Change | ||||||
Net revenue |
| $ | 6,655 |
| $ | 5,858 |
| +14% |
| $ | 6,655 |
| $ | 5,858 |
| +14% | ||
Net income |
| $ | 1,378 |
| $ | 385 |
| +$ | 993 |
| $ | 2,973 |
| $ | 2,370 |
| +$ | 603 |
Earnings per common share - diluted |
| $ | 3.05 |
| $ | 0.74 |
| +$ | 2.31 |
| $ | 6.61 |
| $ | 5.25 |
| +$ | 1.36 |
(Dollars in millions) |
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| Q1 21 |
| Q1 20 |
| Change | |||
| Cash flow from operations |
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| $ | 3,113 |
| $ | 2,322 |
| +$ | 791 |
| Adjusted EBITDA |
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| $ | 3,941 |
| $ | 3,265 |
| +$ | 676 |
| Free cash flow |
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| $ | 2,999 |
| $ | 2,214 |
| +$ | 785 |
