Broadcom: Fiscal 2Q24 Financial Results
Server storage connectivity revenue at $824 million or 11% of semiconductor revenue, down 27% Y/Y, to decline by 20% in FY24.
This is a Press Release edited by StorageNewsletter.com on June 14, 2024 at 2:02 pmThat’s the 2nd quarter – ended May 5, 2024 – including huge VMware recently acquired for $69 billion.
It explains why global revenue at $12.5 billion for 2FQ24, was up 43% Y/Y and only 4% Q/Q, with $2.1 billion net income.
Among a lot of businesses, Broadcom offers one in storage: server storage connectivity products.
This activity represented in 2FQ24 $824 million – or 11% of semiconductor revenue or 7% of global sales -, down 27% Y/Y and 7% Q/Q. It’s the lowest figure since $801 million in 1FQ22.
The company believes though, 2FQ24 was the bottom in server storage. And based on updated demand forecast and bookings, it expects a modest recovery in 2FH24. And accordingly, it forecast FY24 server storage revenue to decline around the 20% range 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 |
| 2FQ24 | 824 |
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