Broadcom, Inc. (NASDAQ:AVGO) reported its first-quarter financial results after the bell Thursday. Here’s a look at the highlights.
The Details: Broadcom reported quarterly earnings of $10.99 per share which beat the analyst consensus estimate of $10.29, a 6.39% increase over earnings of $10.33 per share from the same period last year.
Quarterly sales came in at $11.96 billion, beating the analyst consensus estimate of $11.71 billion and representing a 34.16% increase over sales of $8.91 billion year-over-year.
The company reported $4.693 billion in free cash flow and issued a quarterly common stock dividend of $5.25 per share.
“We are pleased to have two strong drivers of revenue growth for Broadcom in the first quarter and fiscal year 2024. First, our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation. Second, strong demand for our networking products in AI data centers, as well as custom AI accelerators from hyperscalers, are driving growth in our semiconductor segment,” said Hock Tan, president and CEO of Broadcom.
Outlook: Broadcom reiterated its guidance for fiscal year 2024 revenue of approximately $50 billion including contribution from VMware, an increase of 40 percent from the prior year period, versus the $50.21 billion estimate.
The company also reiterated its EBITDA guidance of approximately 60% of projected revenue.
AVGO Price Action: According to Benzinga Pro, Broadcom shares are trading down 3.34% after-hours at $1,360 at the time of publication Thursday.