Broadcom (AVGO) Earnings Recap
Key Highlights
- Revenue of $8.876 billion, up 5% year-over-year
- Earnings per share (EPS) of $10.54, up 11% year-over-year
- Backlog of $30.2 billion, up 12% year-over-year
- Repurchased and eliminated 2.9 million shares for $2,167 million
- Free cash flow of $4.6 billion
Net Revenue by Segment
- Semiconductor Solutions: Revenue of $6.941B
- Infrastructure software: $1.935B
CEO's Comments
"Broadcom's third quarter results were driven by demand for next generation networking technologies as hyperscale customers scale out and network their AI clusters within data centers," said Hock Tan, President and CEO of Broadcom (AVGO). "Our fourth quarter outlook projects year-over-year growth, reflecting continued leadership in networking for generative AI."
"Consolidated revenue for the third quarter grew 5% year-over-year to $8.9 billion and adjusted EBITDA increased 8% year-over-year to 65% of revenue," said Kirsten Spears, CFO. "We generated $4.6 billion in free cash flow in the third quarter, and expect cash flows to remain solid for Q4."
Company Guidance
- Broadcom is guiding for fourth quarter revenue of $9.27 billion.
- The Company's Board of Directors has approved a quarterly cash dividend of $4.60 per share. The dividend is payable on September 29, 2023 to stockholders of record at the close of business on September 21, 2023.
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