Summary by Moomoo AI
Broadcom reported strong fiscal Q2 2024 results with revenue climbing 43% year-over-year to $12.49 billion, driven by the successful integration of VMware and robust semiconductor demand. The infrastructure software segment revenue surged 175% to $5.29 billion, while semiconductor solutions revenue grew 6% to $7.20 billion, boosted by AI networking products. Operating income was $2.97 billion with net income of $2.12 billion.The company made significant progress integrating VMware following the $69 billion acquisition closed in November 2023. Management highlighted strong execution in focusing VMware's core business on private and hybrid cloud environments for large enterprises globally. The company also announced plans to sell VMware's end-user computing business for approximately $3.8 billion.Looking ahead, Broadcom maintained strong cash generation with $4.58 billion in operating cash flow for the quarter. The Board declared a quarterly dividend of $5.25 per share. The company also announced a 10-for-1 stock split effective July 2024 and made a $2 billion repayment on term loans, demonstrating commitment to deleveraging post-VMware acquisition.
