Broadcom Expects Semiconductor Sales to Grow by Mid- to High-single Digits in Fiscal 2024
In fiscal Q4 2023, Broadcom (AVGO) just reported adjusted earnings of $11.06 per share on revenue of $9.3 billion. Semiconductor Solutions revenue was $7.33 billion, above expectations of $7.27 billion and up 3% YoY. Consensus expected the company to post adjusted earnings of $10.96 per share on revenue of $9.28 billion.
Infrastructure software grew 7% during the same period to $1.97 billion.
Previously, in the quarterly earnings released on August 31, the company also topped consensus estimates. Revenue grew by 5% YoY and 2% sequentially. Despite a slight annual pullback in the gross margin, the operating margin expanded by one percentage point.
Back to the current publication, additionally, Broadcom unveiled it generated $4.82 billion in cash from operations while spending about $105 million in view of capital expenditures. Free cash flow was $4.72 billion, or about 51% of sales (!). Broadcom also raised its quarterly dividend 14% to $5.25 per share. Broadcom stock should not be overlooked in conjunction with the current AI+semiconductor demand mania.
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