Broadcom has reported its third-quarter financial results in 2024 with total revenue of $13.072 billion, showing a 47% increase compared to the same quarter in the previous year. This growth is attributed to the inclusion of VMware’s revenue. Excluding VMware, revenue would have increased by 4%. The company incurred a net loss of $1.875 billion under GAAP accounting due to the recording of special patent expenses totaling $4.5 billion.
CEO Hock Tan stated that the performance in the quarter reflects strength in the semiconductor sector for AI workloads and VMware. The company emphasizes that throughout the fiscal year, revenue related to AI is expected to reach $12 billion, mostly from network and data center acceleration for AI.
Source: Broadcom
TLDR: Broadcom’s Q3 2024 financial report showed a significant revenue increase, driven by VMware inclusion, despite incurring a net loss due to special patent expenses. CEO Hock Tan highlighted the company’s strength in the semiconductor sector for AI workloads and VMware.
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