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Broadcom | 10-Q: Quarterly report

SEC announcement ·  Mar 14 17:05
Summary by Moomoo AI
Broadcom Inc. (Broadcom) has reported its financial results for the fiscal quarter ended February 4, 2024. The company saw a significant increase in net revenue, with total net revenue reaching $11.96 billion, a 34% rise from the $8.91 billion reported in the same quarter the previous year. This increase was largely attributed to the acquisition of VMware, Inc. (VMware), which was completed on November 22, 2023, for approximately $30.8 billion in cash and 54.4 million shares of Broadcom common stock. The semiconductor solutions segment of Broadcom reported a modest increase in revenue, while the infrastructure software segment saw a substantial increase, primarily due to contributions from VMware. Gross margin for the quarter was $7.375 billion, compared to $6.004 billion in the prior year, although as a percentage of net revenue, it...Show More
Broadcom Inc. (Broadcom) has reported its financial results for the fiscal quarter ended February 4, 2024. The company saw a significant increase in net revenue, with total net revenue reaching $11.96 billion, a 34% rise from the $8.91 billion reported in the same quarter the previous year. This increase was largely attributed to the acquisition of VMware, Inc. (VMware), which was completed on November 22, 2023, for approximately $30.8 billion in cash and 54.4 million shares of Broadcom common stock. The semiconductor solutions segment of Broadcom reported a modest increase in revenue, while the infrastructure software segment saw a substantial increase, primarily due to contributions from VMware. Gross margin for the quarter was $7.375 billion, compared to $6.004 billion in the prior year, although as a percentage of net revenue, it decreased from 67% to 62% due to higher amortization of acquisition-related intangible assets from the VMware Merger. Operating income was reported at $2.083 billion, a decrease from $4.103 billion in the previous year, largely due to increased operating expenses, including research and development, and selling, general and administrative expenses, which were significantly impacted by the VMware acquisition. Broadcom also recognized $712 million in restructuring charges related to the VMware Merger, primarily for employee termination costs. The company expects these restructuring activities to be substantially completed by the end of fiscal year 2025. Looking ahead, Broadcom declared a quarterly cash dividend of $5.25 per share, payable on March 29, 2024, and is engaged in a definitive agreement to sell VMware's end-user computing business for approximately $3.8 billion, expected to close within the calendar year 2024. Broadcom's management remains focused on integrating VMware and leveraging its infrastructure software solutions to enhance its market position.

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