Broadcom posts revenue of $5.8 billion, up 6%

Broadcom reported revenue of $5,821 million for its third quarter of fiscal year 2020, ended August 2, 2020, up 6% compared to a year earlier. GAAP net income was $688 million and adjusted EBITDA was $3,342 million.

“We delivered third quarter revenue results in-line with our expectations, driven by healthy demand from cloud and telecom customers, which more than offset the expected reset in wireless,” said Hock Tan, President and CEO of Broadcom Inc. “Our outlook for the fourth quarter reflects a strong anticipated ramp in wireless, as well as the continuing surge in demand for networking from cloud and telecom customers, more than offsetting expected softness in enterprise.”

“We generated record free cash flow of over $3 billion, which represented 33 percent growth on a year on year basis, and reduced total debt by $1.9 billion in the quarter,” said Tom Krause, CFO of Broadcom Inc. “Looking ahead, our cash flow outlook remains robust and we plan to pay down an additional $3 billion in debt in the fourth quarter.”