Broadcom: Fiscal 1Q24 Financial Results
VMware acquisition included, server storage connectivity revenue at $887 million, down 29% Y/Y
This is a Press Release edited by StorageNewsletter.com on March 12, 2024 at 2:02 pmThat’s the first quarter – ended February 4, 2024 – including VMware recently acquired for $69 billion.
That’s explained why revenue of $11,961 million were up 34% from the prior year period and FY24 revenue guidance of approximately $50.0 billion.
1FQ24 server storage connectivity revenue was $887 million or 12% of semiconductor revenue, down 29% Y/Y and 11% Q/Q. In 4FQ23, it was $1 billion down 17% Y/Y and 9% Q/Q
The company is seeing weaker demand in 1FH24, but expect recovery in 2HH24. Accordingly, it is revising our outlook for FY24 server storage revenue to decline in the mid-20 percentage range Y/Y compared to prior guidance for high teens percent decline Y/Y.
Revenue for storage connectivity
(in $million)
| Period | Sales |
| 1FQ22 | 801 |
| 2FQ22 | 939 |
| 3FQ22 | 1,100 |
| 4FQ22 | 1,200 |
| FY22 | 4,240 |
| 1FQ23 |
1,300 |
| 2FQ23 |
1,100 |
| 3FQ23 | 1,100 |
| 4FQ23 | 1,000 |
| FY23 | 4,500 |
| 1FQ24 | 887 |
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