Summary by Futu 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