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

PALO ALTO, Calif., March 7, 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 first quarter of fiscal year 2024, ended February 4, 2024, provided guidance for its fiscal year 2024 and announced its quarterly dividend.

"We are pleased to have two strong drivers of revenue growth for Broadcom in the first quarter and fiscal year 2024. First, our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation. Second, strong demand for our networking products in AI data centers, as well as custom AI accelerators from hyperscalers, are driving growth in our semiconductor segment," said Hock Tan, President and CEO of Broadcom Inc. "We reiterate our fiscal year 2024 guidance for consolidated revenue of $50 billion and adjusted EBITDA of $30 billion."

"Consolidated revenue grew 34% year-over-year to $12.0 billion, including the contribution from VMware, and was up 11% year-over-year, excluding VMware. Adjusted EBITDA increased 26% year-over-year to $7.2 billion," said Kirsten Spears, CFO of Broadcom Inc. "Free cash flow, excluding restructuring in the quarter, continued to be strong at $5.4 billion. We have started to pay down debt, beginning with $3 billion to date in 2024, and expect to continue to pay down debt in fiscal year 2024."

First Quarter Fiscal Year 2024 Financial Highlights



GAAP


Non-GAAP

(Dollars in millions, except per share data)


Q1 24


Q1 23


Change


Q1 24


Q1 23


Change

Net revenue


$

11,961


$

8,915



+34

%

$

11,961


$

8,915



+34

%

Net income


$

1,325


$

3,774


-$

2,449



$

5,254


$

4,483


+$

771


Earnings per common share - diluted


$

2.84


$

8.80


-$

5.96



$

10.99


$

10.33


+$

0.66



(Dollars in millions)










































































Q1 24


Q1 23


Change

Cash flow from operations










































































$

4,815


$

4,036


+$

779

Adjusted EBITDA










































































$

7,156


$

5,678


+$

1,478

Free cash flow










































































$

4,693


$

3,933


+$

760


Net revenue by segment













































































(Dollars in millions)































































Q1 24


Q1 23


Change

Semiconductor solutions































































$

7,390


62

%

$

7,107


80

%

+4

%

Infrastructure software
































































4,571


38




1,808


20



+153

%

Total net revenue































































$

11,961


100

%


$

8,915


100

%





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