Broadcom Inc (NAS:AVGOP.PFD)
$ 1406.7 0 (0%) Market Cap: - Enterprise Value: - PE Ratio: 150.25 PB Ratio: 12.30 GF Score: 82/100
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Q2 2024 Broadcom Inc Earnings Call Transcript

Jun 12, 2024 / 09:00PM GMT

Key Points

Positve
  • Broadcom Inc (AVGO) reported consolidated net revenue of $12.5 billion for Q2 2024, up 43% year-on-year.
  • The integration of VMware is progressing well, with significant restructuring and cost savings achieved.
  • Networking revenue grew 44% year-on-year, driven by strong demand from hyperscalers.
  • The company is leading the transition to 800 gigabit bandwidth in data centers, driving growth in DSPs, optical lasers, and pin diodes.
  • Broadcom Inc (AVGO) raised its fiscal 2024 revenue guidance to $51 billion, reflecting strong performance and growth expectations.
Negative
  • Semiconductor revenue from enterprises and telcos continues to face cyclical weakness.
  • Broadband revenue declined 39% year-on-year due to a pause in telco and service provider spending.
  • Server storage connectivity revenue was down 27% year-on-year, indicating challenges in this segment.
  • Gross margins for the Semiconductor Solutions segment decreased by 370 basis points year-on-year.
  • The company faces higher cash interest expenses and cash taxes due to debt related to the VMware acquisition and a higher mix of US income.
Operator

Welcome to Broadcom Inc. second quarter fiscal year 2024 financial results conference call. At this time for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom, Inc.

Ji Yoo
Broadcom Corp - IR

Thank you, operator, and good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; and Charlie Kawwas, US. President, Semiconductor Solutions. Broadcom distributed a press release and financial tables after the market close describing our financial performance for the second quarter of fiscal year 2024. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live and an audio replay of the call can be accessed for one year through the Investors section of Broadcom's website.

During the prepared comments, Hock and Kirsten will be providing details of our second quarter fiscal year 2024 results guidance for our fiscal

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