Broadcom reported revenue of $9,295 million for its fourth fiscal quarter ended October 29, 2023, up 4 percent from the prior year period.
Non-GAAP diluted EPS amounted to $11.06 for the fourth quarter; GAAP diluted EPS of $8.25 for the fourth quarter.
“Broadcom’s fiscal year 2023 revenue grew 8% year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers,” said Hock Tan, President and CEO of Broadcom Inc. “The acquisition of VMware is transformational. In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA to $30 billion.”
“In fiscal year 2023 we achieved record adjusted EBITDA margin of 65%, generating $17.6 billion in free cash flow or 49% of revenue, demonstrating our stable and diversified business model,” said Kirsten Spears, CFO of Broadcom Inc. “With this transformational acquisition and expected increase in cash flows, we are increasing our quarterly common stock dividend by 14% to $5.25 per share for fiscal year 2024. The target fiscal 2024 annual common stock dividend of $21.00 per share is a record, and the thirteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.”
