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Broadcom Inc. Announces Q1 Fiscal Year 2024 Financial Results
Broadcom Inc. (Nasdaq: AVGO) is a global technology leader that specializes in the design, development, and supply of a broad range of semiconductor and infrastructure software solutions. The company's offerings are critical in driving innovation in data center networking, broadband, telecommunications, storage, industrial, and more. Headquartered in Palo Alto, California, Broadcom is at the forefront of developing key technologies for the digital age.
First Quarter Fiscal Year 2024 Financial Performance
In the first quarter of fiscal year 2024, which ended on February 4, 2024, Broadcom Inc. reported financial figures indicating changes in revenue, cash flow, net income, and other key financial metrics:
- Revenue: The company posted revenues of $11,961 million for the quarter, a 34% increase from the same period in the previous year.
- Cash Flow: Cash generated from operations was $4,815 million, and after deducting capital expenditures of $122 million, the free cash flow amounted to $4,693 million.
- Net Income: GAAP net income for the quarter was reported at $1,325 million, with non-GAAP net income significantly higher at $5,254 million.
- Adjusted EBITDA: The adjusted EBITDA reached $7,156 million, equivalent to 60% of the reported revenue.
- Earnings Per Share (EPS): GAAP diluted EPS was $2.84, whereas non-GAAP diluted EPS was notably higher at $10.99.
- Dividends: Broadcom declared a quarterly common stock dividend of $5.25 per share.
- Share Repurchase: The company repurchased and eliminated 7.7 million shares at a total cost of $8,290 million.
Fiscal Year 2024 Guidance
For the fiscal year 2024, Broadcom Inc. has provided the following guidance, reflecting its business expectations:
- Revenue Guidance: The company anticipates revenue to be approximately $50.0 billion, including the contribution from its recent acquisition of VMware.
- Adjusted EBITDA Guidance: Adjusted EBITDA is expected to be around 60% of the projected revenue for the fiscal year.
Operational Highlights
Broadcom's financial performance in the first quarter was bolstered by key business developments:
- The acquisition of VMware has been instrumental in accelerating revenue growth within the company's infrastructure software segment.
- There has been a strong demand for Broadcom's networking products in AI data centers, alongside custom AI accelerators provided to hyperscale customers, contributing to the growth in the semiconductor segment.
Financial Stability and Strategic Initiatives
Broadcom's financial results underscore its operational efficiency and financial health. The company has initiated debt repayment, with $3 billion paid down in 2024, underscoring its commitment to maintaining a strong balance sheet. The strategic focus remains on enhancing shareholder value through dividends and share repurchases, alongside investing in growth areas to ensure long-term success.
Conclusion
Broadcom Inc.'s first-quarter fiscal year 2024 financial results demonstrate its financial performance and strategic initiatives. With a focus on expanding its product offerings and driving revenue growth, the company continues to solidify its position in the technology sector. The financial guidance for the fiscal year 2024 further indicates Broadcom's positive outlook and its strategies for sustaining growth and profitability.
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