Broadcom Inc. Announces Strong Fourth Quarter and Fiscal Year 2024 Financial Results and Quarterly Dividend

Broadcom Inc. (Nasdaq: AVGO) recently disclosed its financial outcomes for the fourth quarter and fiscal year ended November 3, 2024. The company reported a revenue of $14,054 million for the fourth quarter, showcasing a 51% increase from the prior year. Furthermore, the GAAP net income for the fourth quarter stood at $4,324 million, with non-GAAP net income reaching $6,965 million.

Adjusted EBITDA for the fourth quarter was $9,089 million, which translates to 65% of revenue. The company’s GAAP diluted earnings per share (EPS) for the same period were $0.90, with non-GAAP diluted EPS at $1.42. Cash flow from operations during the quarter totaled $5,604 million, resulting in $5,482 million of free cash flow, representing 39% of revenue.

Broadcom also announced an 11% increase in its quarterly common stock dividend to $0.59 per share. For the first quarter of fiscal year 2025, the company anticipates revenue of approximately $14.6 billion, a 22% rise from the previous year, with an Adjusted EBITDA guidance of roughly 66% of projected revenue.

Hock Tan, President and CEO of Broadcom Inc., expressed contentment with the fiscal year 2024 revenue growth, highlighting the successful integration of VMware. Kirsten Spears, CFO of Broadcom Inc., noted the record adjusted EBITDA in fiscal year 2024.

The Board of Directors has sanctioned a quarterly cash dividend of $0.59 per share, payable on December 31, 2024, to stockholders of record as of December 23, 2024.

The company is set to host a conference call later today at 2:00 p.m. Pacific Time to review these financial results and discuss the business outlook.

Broadcom Inc. operates as a global technology leader, specializing in semiconductor and infrastructure software solutions. For more information, visit www.broadcom.com.

This press release contains forward-looking statements as defined under applicable securities laws. Actual results may vary due to risks and uncertainties outlined in Broadcom’s filings with the Securities and Exchange Commission. As of the publication of this press release, no obligation is undertaken to update these forward-looking statements unless required by law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Broadcom’s 8K filing here.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.