Technology

Broadcom Inc. Announces First Quarter Fiscal Year 2024 Financial Results and Quarterly Dividend PR Newswire PALO ALTO, Calif., March 7, 2024 — Revenue of $11,961 million for the first quarter, up 34 percent from the prior year period — Cash from operations of $4,815 million for the first quarter, less capital expenditures of $122 million, resulted in $4,693 million of free cash flow, or 39 percent of revenue — GAAP net income of $1,325 million for the first quarter; Non-GAAP net income of $5,254 million for the first quarter — Adjusted EBITDA of $7,156 million for the first quarter, or 60 percent of revenue — GAAP diluted EPS of $2.84 for the first quarter; Non-GAAP diluted EPS of $10.99 for the first quarter — Quarterly common stock dividend of $5.25 per share — Repurchased and eliminated 7.7 million shares for $8,290 million — Fiscal 2024 annual revenue guidance of approximately

By Tae Kim Broadcom stock fell after the chip maker’s solid earnings results failed to satisfy investors. On Thursday, the semiconductor company reported adjusted earnings per share of $10.99 for the fiscal first quarter, topping the Wall Street consensus for $10.40 a share. Revenue came in at $11.96 billion, above expectations of $11.8 billion, according to FactSet. Broadcom also gave full-year revenue guidance of $50 billion, which is roughly inline with the Street consensus of $49.8 billion. The chip maker’s stock traded down 3% shortly after the release Thursday. This is breaking news. Read a preview of Broadcom earnings below and check back for more analysis soon. Chip investors are eager to hear the latest commentary from Broadcom about progress in its AI semiconductor business. Wall Street consensus estimates are for the company to report January quarter revenue of $11.8 billion with adjusted earnings per share of $10.40. Analyst estimates

By Ben Glickman Broadcom’s revenue rose more than expected in the fiscal first quarter as artificial intelligence continued to boost demand. The Palo Alto, Calif.-based semiconductor company reported a profit of $1.33 billion, or $2.84 a share, in the quarter ended Feb. 4, compared with $3.77 billion, or $8.80 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $7.94. Stripping out certain one-time items, adjusted per-share earnings came to $10.99, ahead of the $10.40 forecast by analysts, according to FactSet. Revenue rose 34% to $11.96 billion, beating the $11.79 billion expected by analysts polled by FactSet. Chief Executive Hock Tan said the company’s acquisition of VMware and strong demand for networking products in artificial intelligence data centers were both driving growth. Write to Ben Glickman at ben.glickman@wsj.com