Broadcom reported robust financial results for fiscal year 2024, with total net revenue surging 44% to $51.6 billion. The significant growth was primarily driven by the acquisition of VMware, which contributed substantially to the infrastructure software segment revenue, increasing 181% year-over-year to $21.5 billion. The semiconductor solutions segment also saw a 7% increase to $30.1 billion, fueled by strong demand for AI networking products.Gross margin was $32.5 billion, up from $24.7 billion in the previous year, though as a percentage of revenue, it decreased to 63% from 69% due to higher amortization of acquisition-related intangible assets. Operating income declined 17% to $13.5 billion, impacted by increased expenses related to the VMware merger. The company's provision for income taxes rose significantly to $3.7 billion, mainly due to a non-recurring...Show More

Broadcom reported robust financial results for fiscal year 2024, with total net revenue surging 44% to $51.6 billion. The significant growth was primarily driven by the acquisition of VMware, which contributed substantially to the infrastructure software segment revenue, increasing 181% year-over-year to $21.5 billion. The semiconductor solutions segment also saw a 7% increase to $30.1 billion, fueled by strong demand for AI networking products.Gross margin was $32.5 billion, up from $24.7 billion in the previous year, though as a percentage of revenue, it decreased to 63% from 69% due to higher amortization of acquisition-related intangible assets. Operating income declined 17% to $13.5 billion, impacted by increased expenses related to the VMware merger. The company's provision for income taxes rose significantly to $3.7 billion, mainly due to a non-recurring intra-group IP transfer.Broadcom maintained a strong liquidity position with $9.3 billion in cash and cash equivalents at year-end. The company continued its capital return program, paying $9.8 billion in dividends and repurchasing $7.2 billion of common stock during the fiscal year. Looking ahead, Broadcom expects higher capital expenditures in fiscal year 2025 as it continues to integrate VMware and invest in growth opportunities.