Shulou(Shulou.com)11/24 Report--

According to news in the morning of March 3, Beijing time, Broadcom today released the company's financial results for the first quarter of fiscal 2023. According to the report, Broadcom's first-quarter net revenue was $8.915 billion (currently about 61.603 billion yuan), up 16% from $7.706 billion in the same period last year, compared with $8.93 billion in the previous quarter, and net profit was $3.774 billion (about RMB 260.78 billion). Up 53% from $2.472 billion in the same period last year, compared with $3.62 billion in the previous quarter Net profit attributable to common shareholders was also $3.774 billion (about 26.078 billion yuan), compared with $2.398 billion in the same period last year, compared with $3.311 billion in the previous quarter.

Broadcom's first-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations, as did the outlook for second-quarter revenue in fiscal 2024, pushing its shares slightly higher in after-hours trading.

Summary of first quarter results: for the quarter ended January 29, 2023, Broadcom's net profit was $3.774 billion, up 53% from $2.472 billion a year earlier, compared with $3.62 billion in the previous quarter. Net profit attributable to common shareholders was also $3.774 billion, compared with $2.398 billion in the same period last year, compared with $3.311 billion in the previous quarter. Broadcom's diluted net income per share attributable to common shareholders in the first quarter was $8.80, compared with $5.59 a year earlier and $7.83 in the previous quarter.

Excluding certain one-time items (not in accordance with GAAP), Broadcom's adjusted net income for the first quarter was $4.483 billion, or $10.33 per diluted share, which beat analysts' expectations. Broadcom's adjusted net profit was $3.741 billion and adjusted diluted earnings per share was $8.39 in the same period last year. On average, 21 analysts had expected Broadcom's adjusted earnings per share to reach $10.1 in the first quarter, according to data provided by Yahoo Finance.

Broadcom's first quarter was $8.915 billion, up 16% from $7.706 billion a year earlier, compared with $8.93 billion in the previous quarter, which also slightly beat analysts' expectations. On average, 19 analysts expected Broadcom's first-quarter revenue to reach $8.9 billion, according to data provided by Yahoo Finance.

By business unit:-Broadcom's revenue from semiconductor solutions was $7.107 billion in the first quarter, up 21 per cent from $5.873 billion a year earlier, and accounted for 80 per cent of net revenue, compared with 76 per cent in the same period last year.

-Broadcom's revenue from the infrastructure software division in the first quarter was $1.808 billion, down 1% from $1.833 billion a year earlier, and accounted for 20% of net revenue, compared with 24% in the same period last year.

Broadcom's total revenue cost in the first quarter was $2.911 billion, compared with $2.657 billion a year earlier. Of this total, Broadcom's revenue cost in the first quarter was $2.374 billion, compared with $1.925 billion in the same period last year; amortization expenses on intangible assets related to mergers and acquisitions were $535 million, compared with $730 million in the same period last year; and restructuring charges were $2 million, unchanged from the same period last year.

Broadcom's first-quarter gross profit was $6.004 billion, compared with $5.049 billion a year earlier, compared with $5.926 billion in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Broadcom's adjusted gross profit for the first quarter was $6.578 billion, compared with $5.821 billion a year earlier and $6.673 billion in the previous quarter.

Broadcom's total operating expenses were $1.901 billion in the first quarter, compared with $1.941 billion in the same period last year. Of this total, Broadcom's first-quarter R & D expenditure was $1.195 billion, compared with $1.206 billion in the same period last year; sales, general and administrative expenses were $348 million, compared with $321 million in the same period last year; amortization expenses on intangible assets related to mergers and acquisitions were $348 million, compared with $397 million in the same period last year; restructuring, impairment and disposal expenses were $1000, compared with $1700 in the same period last year.

Broadcom's first-quarter operating profit was $4.103 billion, compared with $3.108 billion a year earlier, compared with $3.986 billion in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Broadcom's adjusted operating profit was $5.43 billion in the first quarter, compared with $4.656 billion in the same period a year earlier and $5.5 billion in the previous quarter.

In the first quarter, Broadcom's cash from business operations was $4.036 billion, compared with $3.486 billion a year earlier; free cash flow was $3.923 billion, compared with $3.385 billion a year earlier; and capital expenditure was $103 million.

Broadcom's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was $5.678 billion in the first quarter, compared with $4.818 billion a year earlier.

Broadcom's cash and cash equivalents stood at $12.647 billion at the end of the first quarter of fiscal 2023 and $10.219 billion at the end of the first quarter of fiscal 2022.

Capital return plan: Broadcom paid a cash dividend of $4.60 per common share on December 30, 2022, with a total cash dividend of $1.926 billion.

The board of directors of Broadcom has approved a quarterly cash dividend of $4.60 per common share, which will be paid on March 31, 2023 to shareholders of record at the end of business hours on March 22, 2023.

Performance outlook: based on current business trends and conditions, Broadcom expects net revenue of about $8.7 billion in the second quarter of fiscal 2024 to April 30, 2023, which exceeds analysts' expectations; adjusted EBITDA (net profit before interest, tax, depreciation and amortization) will account for about 64.5 per cent of expected revenue.

On average, 19 analysts expected Broadcom's revenue in the second quarter of fiscal 2024 to reach $8.59 billion, according to Yahoo Finance.

Share price movements: Broadcom shares rose $5.08, or 0.86%, to close at $598.65 in regular Nasdaq trading. In after-hours trading, Broadcom shares rose another $1.35, or 0.23%, to $600.00 in after-hours trading as of 05:59 est (05:59 Beijing time on Saturday). Over the past 52 weeks, Broadcom has priced as high as $645.31 and as low as $415.07.

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