Broadcom, a technology leader that supplies semiconductor and infrastructure software solutions, said it is targeting revenue of approximately $50.0 billion; and EBITDA of 60 percent of projected revenue, for fiscal year 2024.
Fiscal Year 2024 Projections:
Transformational Acquisition: Broadcom highlighted the acquisition of VMware as a pivotal move, foreseeing its substantial contribution to the company’s future. Anticipated consolidated revenue for fiscal year 2024 is projected to reach an impressive $50 billion, with adjusted EBITDA expected to hit $30 billion.
Semiconductor Growth: The semiconductor sector is poised to sustain a robust mid to high single-digit revenue growth rate in the upcoming fiscal year.
Highlights from Fiscal Year 2023:
Record Revenue: Broadcom witnessed an impressive 8 percent year-over-year surge in revenue, totaling an exceptional $35.8 billion for fiscal year 2023.
Driving Forces: The revenue spike was primarily attributed to strategic investments in accelerators and network connectivity for artificial intelligence applications by major hyperscalers.
Hock Tan, President and CEO of Broadcom, has expressed his sentiments regarding the remarkable growth, citing, “Broadcom’s fiscal year 2023 revenue grew 8 percent year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers.”
Kirsten Spears, CFO of Broadcom, highlighted the company’s financial prowess, stating, “In fiscal year 2023, we achieved record adjusted EBITDA margin of 65 percent, generating $17.6 billion in free cash flow or 49 percent of revenue, demonstrating our stable and diversified business model.”
