Broadcom reported Q3 fiscal 2024 revenue of $13.1 billion, up 47% year-over-year, driven by strong semiconductor demand and VMware integration. Product revenue grew 5% to $7.4 billion while subscription and services revenue surged 200% to $5.6 billion. However, the company posted a net loss of $1.9 billion due to a $4.5 billion tax provision related to IP rights transfer.Semiconductor solutions segment revenue increased 5% to $7.3 billion, led by robust AI networking product demand but offset by lower broadband and server storage sales. Infrastructure software revenue jumped 200% to $5.8 billion, primarily due to VMware contributions. Gross margin declined to 64% from 69% last year due to higher acquisition-related amortization costs.The company completed several strategic moves during the quarter, including selling its EUC business to KKR for $3.5 billion and issuing $5 billion in senior notes to pay down acquisition debt. Operating expenses rose significantly to $4.6 billion, up from $2.3 billion last year, mainly due to increased headcount and stock-based compensation from the VMware integration.

Broadcom reported Q3 fiscal 2024 revenue of $13.1 billion, up 47% year-over-year, driven by strong semiconductor demand and VMware integration. Product revenue grew 5% to $7.4 billion while subscription and services revenue surged 200% to $5.6 billion. However, the company posted a net loss of $1.9 billion due to a $4.5 billion tax provision related to IP rights transfer.Semiconductor solutions segment revenue increased 5% to $7.3 billion, led by robust AI networking product demand but offset by lower broadband and server storage sales. Infrastructure software revenue jumped 200% to $5.8 billion, primarily due to VMware contributions. Gross margin declined to 64% from 69% last year due to higher acquisition-related amortization costs.The company completed several strategic moves during the quarter, including selling its EUC business to KKR for $3.5 billion and issuing $5 billion in senior notes to pay down acquisition debt. Operating expenses rose significantly to $4.6 billion, up from $2.3 billion last year, mainly due to increased headcount and stock-based compensation from the VMware integration.