Summary by Moomoo AI
Broadcom Inc. (Broadcom) has released its financial results for the fiscal quarter and two fiscal quarters ended May 5, 2024. The company reported a net revenue increase of 43% to $12.487 billion for the quarter and 39% to $24.448 billion for the two quarters year-over-year. This growth was attributed to strong product demand in the semiconductor solutions segment and contributions from the recently acquired VMware. However, operating income declined by 26% to $2.965 billion for the quarter and 38% to $5.048 billion for the two quarters compared to the same periods in the previous year, primarily due to higher amortization of acquisition-related intangible assets, stock-based compensation expense, and restructuring charges associated with the VMware merger. Gross margin as a percentage of net revenue decreased to 62% from...Show More