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

SEC ·  Sep 6 04:28
Summary by Futu AI
On September 5, 2024, Broadcom Inc. released its unaudited financial results for the third quarter ending August 4, 2024. The report highlighted a significant revenue increase of 47% year-over-year to $13.072 billion, with a notable contribution from VMware. Despite a GAAP net loss of $1.875 billion, including a one-time non-cash tax provision related to an intra-group IP rights transfer, the non-GAAP net income stood at $6.120 billion. The company also reported an adjusted EBITDA of $8.223 billion, or 63% of revenue. Broadcom's President and CEO, Hock Tan, attributed the strong performance to the demand for AI semiconductor solutions and the successful integration of VMware. The company also declared a quarterly cash dividend of $0.53 per share, payable on September 30, 2024, to stockholders of record as of September 19, 2024. Looking ahead, Broadcom provided a fourth-quarter revenue guidance of approximately $14.0 billion, including VMware's contribution, and an adjusted EBITDA guidance of about 64% of projected revenue.
On September 5, 2024, Broadcom Inc. released its unaudited financial results for the third quarter ending August 4, 2024. The report highlighted a significant revenue increase of 47% year-over-year to $13.072 billion, with a notable contribution from VMware. Despite a GAAP net loss of $1.875 billion, including a one-time non-cash tax provision related to an intra-group IP rights transfer, the non-GAAP net income stood at $6.120 billion. The company also reported an adjusted EBITDA of $8.223 billion, or 63% of revenue. Broadcom's President and CEO, Hock Tan, attributed the strong performance to the demand for AI semiconductor solutions and the successful integration of VMware. The company also declared a quarterly cash dividend of $0.53 per share, payable on September 30, 2024, to stockholders of record as of September 19, 2024. Looking ahead, Broadcom provided a fourth-quarter revenue guidance of approximately $14.0 billion, including VMware's contribution, and an adjusted EBITDA guidance of about 64% of projected revenue.
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