| Broadcom Inc: Announces Third Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend |
- Revenue of $13,072 million for the third quarter, up 47 percent from the prior year period
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- GAAP net loss of $1,875 million for the third quarter (1); non-GAAP net income of $6,120 million for the third quarter
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- Adjusted EBITDA of $8,223 million for the third quarter, or 63 percent of revenue
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- GAAP diluted loss per share of $0.40 for the third quarter; non-GAAP diluted EPS of $1.24 for the third quarter
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- Cash from operations of $4,963 million for the third quarter, less capital expenditures of $172 million, resulted in $4,791 millions of free cash flow, or 37 percent of revenue
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- Quarterly common stock dividend of $0.53 per share
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- Fourth quarter fiscal year 2024 revenue guidance of approximately $14.0 billion including contribution from VMware, an increase of 51 percent from the prior year period
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- Fourth quarter fiscal year 2024 Adjusted EBITDA guidance of approximately 64 percent of projected revenue (2)
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| 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." |
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