March 2, 2023 — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its first quarter of fiscal year 2023, ended January 29, 2023, provided guidance for the second quarter of its fiscal year 2023 and announced its quarterly dividend.
Broadcom Inc. (Nasdaq: AVGO) reported non-GAAP net income of $10.33 per share for its fiscal Q1 ended Jan. 29, Analysts polled by Capital IQ expected $10.16.
Revenue for the semiconductor and infrastructure software firm increased 16% year-over-year, rising to $8.92 billion,Analysts expected $8.9 billion.
The company is projecting $8.7 billion in fiscal Q2 revenue. Analysts forecast $8.6 billion.
•Revenue of $8,915 million for the first quarter, up 16 percent from the prior year period
•Adjusted EBITDA of $5,678 million for the first quarter
•Non-GAAP diluted EPS of $10.33 for the first quarter; GAAP diluted EPS of $8.80 for the first quarter
•Quarterly common stock dividend of $4.60 per share
•Repurchased and eliminated 2.7 million shares for $1,521 million
•Second quarter revenue guidance of approximately $8.7 billion, an increase of 8 percent from the prior year period
•Second quarter Adjusted EBITDA guidance of approximately 64.5 percent of projected revenue(1)
“Broadcom’s first quarter performance reflects continued strength in infrastructure demand across all our end markets,” said Hock Tan, President and CEO of Broadcom Inc. “Looking ahead, we are confident our growth will be driven by sustained leadership in next generation technologies across all of our core markets, and strong partnerships with our customers.”
“Consolidated revenue grew 16% year-over-year to $8.9 billion and adjusted EBITDA margin increased year-over-year to 64%,” said Kirsten Spears, CFO of Broadcom Inc. “We generated $3.9 billion in free cash flow, representing a 16% increase year-over-year, and expect even stronger free cash flow in the second quarter.”
Second Quarter Fiscal Year 2023 Business Outlook
Second quarter revenue guidance of approximately $8.7 billion;
Second quarter Adjusted EBITDA guidance of approximately 64.5 percent of projected revenue.
BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
About Broadcom Inc.
Broadcom Inc. (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom’s category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to https://www.broadcom.com.