$AVGO (+2.97%) | Broadcom Q3 Earnings Highlights:
๐น Adj EPS: $1.24 (Est. $1.22) ๐ข
๐น Revenue: $13.07B (Est. $13.03B) ๐ข; UP +47% YoY
FY2024 Outlook:
๐น Revenue: $14B (Est. $14.13B) ๐
๐น Adjusted EBITDA: Approximately 64% of projected revenue
Segment Revenue:
๐น Semiconductor Solutions: $7.27B (Est. $7.41B) ๐ด; UP +5% YoY
๐น Infrastructure Software: $5.80B (Est. $5.5B) ๐ข; UP +200% YoY
Key Q3 Financial Metrics:
๐น Adjusted EBITDA: $8.22B (Est. $7.95B) ๐ข
๐น Adjusted Operating Income: $7.95B (Est. $7.73B) ๐ข
๐น Adj. R&D Expense: $1.47B (Est. $1.47B) ๐ก
๐น Capital Expenditure: $172M (Est. $140.5M) ๐ด
๐น Free Cash Flow: $4.79B
๐น Cash from Operations: $4.96B
Strategic Update:
๐ธ Broadcom expects AI-related revenue to reach $12B for FY2024, driven by strong demand for Ethernet networking solutions and custom accelerators designed for AI data centers.
๐ธ In Q3, AI-driven sales significantly contributed to the company's growth, and Broadcom expects AI-related demand to remain a critical growth driver moving forward.
Quarterly Dividends:
๐ธ The Board of Directors approved a quarterly cash dividend of $0.53 per share, payable on September 30, 2024.
CEO Hock Tan's Commentary:
๐ธ "Broadcom's third quarter results reflect continued strength in our AI semiconductor solutions and VMware. We expect revenue from AI to be $12 billion for fiscal year 2024, driven by our networking and custom AI accelerators."