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Broadcom | 8-K: Broadcom Inc. Announces First Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend

SEC announcement ·  Mar 8 05:24
Summary by Futu AI
On March 7, 2024, Broadcom Inc. released its unaudited financial results for the first quarter of fiscal year 2024, which ended on February 4, 2024. The report highlighted a significant 34% increase in revenue to $11.96 billion compared to the previous year, with a notable contribution from the recent acquisition of VMware. The company's free cash flow was strong at $4.69 billion, representing 39% of revenue. GAAP net income stood at $1.325 billion, while non-GAAP net income reached $5.254 billion. Broadcom also reported an adjusted EBITDA of $7.156 billion, or 60% of revenue. The company's GAAP diluted earnings per share (EPS) were $2.84, and non-GAAP diluted EPS were $10.99. Additionally, Broadcom declared a quarterly cash dividend of $5.25 per share, payable on March 29, 2024, to stockholders of record as of March 21, 2024. The company...Show More
On March 7, 2024, Broadcom Inc. released its unaudited financial results for the first quarter of fiscal year 2024, which ended on February 4, 2024. The report highlighted a significant 34% increase in revenue to $11.96 billion compared to the previous year, with a notable contribution from the recent acquisition of VMware. The company's free cash flow was strong at $4.69 billion, representing 39% of revenue. GAAP net income stood at $1.325 billion, while non-GAAP net income reached $5.254 billion. Broadcom also reported an adjusted EBITDA of $7.156 billion, or 60% of revenue. The company's GAAP diluted earnings per share (EPS) were $2.84, and non-GAAP diluted EPS were $10.99. Additionally, Broadcom declared a quarterly cash dividend of $5.25 per share, payable on March 29, 2024, to stockholders of record as of March 21, 2024. The company also repurchased and eliminated 7.7 million shares for $8.29 billion. Looking ahead, Broadcom provided fiscal 2024 annual revenue guidance of approximately $50 billion, including VMware's contribution, marking a 40% increase from the prior year. The annual adjusted EBITDA guidance is projected to be around 60% of the anticipated revenue. Broadcom's President and CEO, Hock Tan, expressed confidence in the company's revenue growth, driven by the VMware acquisition and strong demand for networking products in AI data centers. CFO Kirsten Spears highlighted the company's financial strength and its plans to continue paying down debt throughout fiscal year 2024.

This announcement is a separate document:

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