Broadcom Inc (NASDAQ:AVGO) reported third-quarter financial results after the market close on Thursday. Here's a look at the key metrics from the quarter.
Q3 Earnings: Broadcom reported second-quarter revenue of $13.072 billion, beating analyst estimates of $12.96 billion, according to Benzinga Pro. The semiconductor company reported second-quarter earnings of $1.24 per share, beating analyst estimates of $1.20 per share.
Total revenue was up 42% on a year-over-year basis. Broadcom generated $4.963 billion in cash from operations and $4.791 billion in free cash flow during the quarter. The company ended the quarter with $9.952 billion in cash and cash equivalents.
“Broadcom’s third-quarter results reflect continued strength in our AI semiconductor solutions and VMware. We expect revenue from AI to be $12 billion for fiscal year 2024 driven by Ethernet networking and custom accelerators for AI data centers,” said Hock Tan, president and CEO of Broadcom.
See Also: S&P 500 Falls Below 5,500 Points On Cooling Jobs Data, Tesla Leads Tech Gains, Natural Gas Spikes: What’s Driving Markets Thursday?
Broadcom’s board approved a quarterly cash dividend of 53 cents per share, payable on Sept. 30 to shareholders of record as of Sept. 19.
What’s Next: Broadcom expects fourth-quarter revenue of approximately $14 billion. The company anticipates fourth-quarter adjusted EBITDA of approximately 64% of projected revenue.
Broadcom management will hold a conference call to discuss the company’s quarterly results at 5 p.m. ET.
AVGO Price Action: Broadcom shares were down 3.97% after hours, trading at $146.75 at the time of publication Thursday, according to Benzinga Pro.
Read Next:
- Biden’s Expected Veto Of US Steel Deal Is Hunt For ‘Labor Union Votes,’ Says Top Japan Official
Photo: Shutterstock.
Comments