Broadcom Inc.
What To Know: Broadcom reported quarterly earnings of $11.06 per share, exceeding analyst expectations of $10.98, a 5.84% increase over earnings of $10.45 per share from last year.
The company reported quarterly sales of $9.29 billion, missing the Street's estimate of $9.41 billion. The figure represents a 4.09% increase over sales of $8.93 billion in the same period last year.
Cash and cash equivalents were $14.19 billion at the end of the quarter, compared to $12.06 billion at the end of the previous quarter.
Additionally, the company increased its quarterly dividend by 14% to $5.25.
Broadcom issued its full-year 2024 revenue outlook, anticipated to be approximately $50 billion, versus the $45.76 billion estimate. Adjusted EBITDA is estimated to be approximately 60% of the company's projected revenue.
"Broadcom's fiscal year 2023 revenue grew 8% year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers," said Hock Tan, President and CEO of Broadcom Inc.
"The acquisition of VMware is transformational. In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA to $30 billion."
AVGO Price Action: Shares of AVGO were down 1.32% at $910.05 in the after-hours session at the time of publication, according to Benzinga Pro.
