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

Thanks to CTOnews.com netizen Xiao Zhan for the clue delivery! According to news in the morning of June 2, Beijing time, Broadcom today released the company's financial results for the second quarter of fiscal year 2023 (through April 30, 2023). According to the report, Broadcom's second-quarter net revenue was $8.733 billion, up 8% from $8.103 billion in the same period last year, but down from $8.915 billion in the previous quarter; net profit was $3.481 billion, up 34% from $2.59 billion in the same period last year, compared with $3.774 billion in the previous quarter Net profit attributable to common shareholders was $3.481 billion, compared with $2.515 billion in the same period last year and $3.774 billion in the previous quarter.

Broadcom's second-quarter revenue and adjusted earnings per share both beat Wall Street analysts' expectations and its third-quarter revenue outlook beat analysts' expectations, but its shares still fell nearly 2 per cent in after-hours trading.

Main achievements:

For the quarter ended April 30, 2023, Broadcom's net profit was $3.481 billion, compared with $3.481 billion attributable to common shareholders, or $8.15 per diluted share, much better than the same period last year but lower than the previous quarter. By comparison, Broadcom's net profit for the first quarter of fiscal 2023 was $3.774 billion, compared with $3.774 billion for common shareholders, or $8.80 per diluted share, and $2.59 billion for the second quarter of fiscal 2022. Net income attributable to common shareholders was $2.515 billion, or $5.93 per diluted share.

Excluding some one-time items (not in accordance with GAAP), Broadcom's adjusted net income for the second quarter was $4.489 billion, or $10.32 per diluted share, beating analysts' expectations. By comparison, Broadcom's adjusted net income for the second quarter of fiscal 2022 was $4 billion, or $9.07 per diluted share. On average, 23 analysts had expected Broadcom's second-quarter earnings per share to reach $10.08, according to Yahoo Finance.

Broadcom's second-quarter net revenue was $8.733 billion, up 8% from $8.103 billion in the same period last year, but down from $8.915 billion in the previous quarter, which also beat analysts' expectations. On average, 21 analysts had expected Broadcom's second-quarter revenue to reach $8.71 billion, according to Yahoo Finance.

By department, Broadcom's net revenue from semiconductor solutions business in the second quarter was $6.808 billion, up 9% from $6.229 billion in the same period last year, accounting for 78% of the total net revenue. compared with 77% in the same period last year Net revenue from the infrastructure software business was $1.925 billion, up 3 per cent from $1.874 billion in the same period last year, accounting for 22 per cent of total net revenue, compared with 23 per cent in the same period last year.

Broadcom's total operating expenses were $2.107 billion in the second quarter, compared with $1.901 billion in the previous quarter and $2.045 billion in the same period last year. Of this total, R & D expenditure was $1.312 billion, compared with $1.195 billion in the previous quarter and $1.261 billion in the same period last year, while sales, general and administrative expenses were $438 million, compared with $348 million in the previous quarter and $368 million in the same period last year. Amortization charges for intangibles related to mergers and acquisitions were $348 million, compared with $348 million in the previous quarter, compared with $398 million in the same period last year, and restructuring, impairment and disposal expenses were $9 million, compared with $10 million in the previous quarter and $18 million in the same period last year.

Without GAAP, investors' operating expenses for Broadcom were $1.194 billion in the second quarter, compared with $1.148 billion in the previous quarter and $1.247 billion in the same period last year.

Broadcom's second-quarter gross profit was $6.115 billion, compared with $6.004 billion in the previous quarter and $5.439 billion in the same period last year. Without GAAP, Broadcom's adjusted gross profit in the second quarter was $6.606 billion, compared with $6.578 billion in the previous quarter, and $6.186 billion in the same period last year.

Broadcom's second-quarter operating profit was $4.008 billion, compared with $4.103 billion in the previous quarter and $3.394 billion in the same period last year. Without GAAP, Broadcom's adjusted operating profit in the second quarter was $5.412 billion, compared with $5.43 billion in the previous quarter, and $4.939 billion in the same period last year.

Without GAAP, Broadcom's adjusted EBITDA was $5.686 billion in the second quarter, compared with $5.678 billion in the previous quarter and $5.111 billion in the same period last year.

Cash and cash return related news:

Broadcom's cash flow from business operations in the second quarter was $4.502 billion, compared with $4.036 billion in the previous quarter and $4.243 billion in the same period last year. Broadcom's free cash flow was $4.38 billion in the second quarter, compared with $3.933 billion in the previous quarter and $4.158 billion in the same period last year. Broadcom's second-quarter capital expenditure was $122 million.

Total cash and cash equivalents held by Broadcom were $11.553 billion at the end of the second quarter, compared with $12.647 billion at the end of the previous quarter and $9.005 billion at the end of the second quarter of fiscal 2022.

On March 31, 2023, Broadcom paid a cash dividend of $4.60 per common share, which cost a total of $1.914 billion.

In the second quarter, Broadcom spent $3.42 billion on share buybacks and write-offs, including $2.806 billion in repurchases of 4.6 million shares and a $614 million withholding tax.

The board of directors of Broadcom has approved a quarterly cash dividend of $4.60 per common share, the dividend will be paid on June 30, 2023 to shareholders of record until the close of business hours on June 22, 2023 (5: 00 p.m. Eastern time, Beijing time).

Performance outlook:

Broadcom expects net revenue of about $8.85 billion in the fiscal third quarter of 2023 (to July 30, 2023), a performance outlook that exceeds analysts' expectations; without GAAP, adjusted EBITDA is expected to account for about 65 per cent of expected revenue.

On average, 21 analysts had expected Broadcom's third-quarter revenue to reach $8.72 billion, according to Yahoo Finance.

Changes in stock prices:

Broadcom shares fell $18.01, or 2.23%, to $789.95 in regular Nasdaq trading. In after-hours trading as of 06:57 EDT (06:57 Beijing time on the 2nd), Broadcom shares fell another $14.05, or 1.78 per cent, to $775.90. Over the past 52 weeks, Broadcom has priced as high as $921.78 and as low as $415.07.

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