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Broadcom Inc. (AVGO-2.33%) has submitted its annual report on Form 10-K filing for the fiscal year ended November 3, 2024.
The report details Broadcom's acquisition of VMware, Inc., completed on November 22, 2023, for approximately $30.8 billion in cash and 544 million shares of Broadcom common stock valued at $53.4 billion. The acquisition aims to enhance Broadcom's infrastructure software capabilities.
Broadcom reported total net revenue of $51.6 billion for fiscal year 2024, a 44% increase from the previous year. The semiconductor solutions segment generated $30.1 billion, while the infrastructure software segment contributed $21.5 billion.
The company recorded a gross margin of $32.5 billion, representing 63% of net revenue, a decrease from 69% in the prior year, primarily due to higher amortization of acquisition-related intangible assets.
Operating income for the year was $13.5 billion, down from $16.2 billion in the previous year. The semiconductor solutions segment reported an operating income of $16.8 billion, while the infrastructure software segment reported $14 billion.
Broadcom's net income for fiscal year 2024 was $5.9 billion, compared to $14.1 billion in fiscal year 2023. The decrease was attributed to higher amortization expenses and restructuring charges related to the VMware acquisition.
The company declared and paid dividends totaling $9.8 billion during the fiscal year, with dividends per share amounting to $2.105.
Broadcom's cash and cash equivalents stood at $9.3 billion as of November 3, 2024, down from $14.2 billion at the end of the previous fiscal year, primarily due to the cash portion of the VMware acquisition.
The report also highlights Broadcom's commitment to continuous investment in product development, with research and development expenses totaling $9.3 billion for the year.
Broadcom identified risks related to global economic conditions, governmental regulations, and cybersecurity threats, among others, that could potentially impact its business operations and financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Broadcom Inc. annual 10-K report dated December 20, 2024. To report an error, please email earnings@qz.com.