Broadcom Inc. Announces Third Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend

PALO ALTO, Calif., Sept. 5, 2024 — (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 third quarter of fiscal year 2024, ended August 4, 2024, provided guidance for its fourth quarter of fiscal year 2024 and announced its quarterly dividend.

"Broadcom's third quarter results reflect continued strength in our AI semiconductor solutions and VMware. We expect revenue from AI to be $12 billion for fiscal year 2024 driven by Ethernet networking and custom accelerators for AI data centers," said Hock Tan, President and CEO of Broadcom Inc. "The transformation of VMware continues to progress very well. The integration of VMware is driving adjusted EBITDA margin to 64% of revenue as we exit fiscal year 2024."

"Consolidated revenue grew 47% year-over-year to $13.1 billion, including the contribution from VMware, and was up 4% year-over-year, excluding VMware. Adjusted EBITDA increased 42% year-over-year to $8.2 billion," said Kirsten Spears, CFO of Broadcom Inc. "Free cash flow, excluding restructuring and integration in the quarter, was $5.3 billion, up 14% year-over-year."

(1) GAAP net loss of $1,875 million for the third quarter included a one-time discrete non-cash tax provision of $4.5 billion from the impact of an intra-group transfer of certain IP rights to the United States as a result of supply chain realignment. 

(2) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

Third Quarter Fiscal Year 2024 Financial Highlights



GAAP



Non-GAAP

(Dollars in millions, except per share data)


Q3 24


Q3 23


Change


Q3 24


Q3 23


Change

Net revenue


$

13,072


$

8,876


+47

%


$

13,072


$

8,876


+47

%

Net income (loss)


$

(1,875)


$

3,303


-$

5,178



$

6,120


$

4,596


+$

1,524


Earnings (loss) per common share - diluted


$

(0.40)


$

0.77


-$

1.17



$

1.24


$

1.05


+$

0.19





















(Dollars in millions)



















































































Q3 24


Q3 23


Change

Cash flow from operations



















































































$

4,963


$

4,719


+$

244

Adjusted EBITDA



















































































$

8,223


$

5,801


+$

2,422

Free cash flow



















































































$

4,791


$

4,597


+$

194



























































































Net revenue by segment






















































































(Dollars in millions)









































































Q3 24


Q3 23


Change

Semiconductor solutions









































































$

7,274


56

%

$

6,941


78

%

+5

%

Infrastructure software










































































5,798


44




1,935


22



+200

%

Total net revenue









































































$

13,072


100

%


$

8,876


100

%




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