- Revenue of $6,610 million for the second quarter, up 15 percent from the prior year period
SAN JOSE, Calif., June 3, 2021 — (PRNewswire) — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its second quarter of fiscal year 2021, ended May 2, 2021, provided guidance for the third quarter of its fiscal year 2021 and announced its quarterly dividends."Due to the strength in demand for semiconductors across our multiple end markets, we delivered 20% year-over-year increase in semiconductor revenue," said Hock Tan, President and CEO of Broadcom Inc. "Our third quarter outlook projects this year-over-year growth to sustain, as we continue to see strong demand from service providers and hypercloud."
"Consolidated revenue grew 15% year-over-year and operating profit increased 25%," said Kirsten Spears, CFO of Broadcom Inc. "We generated $3.4 billion in free cash flow or 52% of revenue in the quarter, and are expecting free cash flow to remain strong in the third quarter."
Second Quarter Fiscal Year 2021 Financial Highlights
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| GAAP |
| Non-GAAP | ||||||||||||||
(Dollars in millions, except per share data) |
| Q2 21 |
| Q2 20 |
| Change |
| Q2 21 |
| Q2 20 |
| Change | ||||||
Net revenue |
| $ | 6,610 |
| $ | 5,742 |
| +15% |
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| $ | 6,610 |
| $ | 5,742 |
| +15% |
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Net income |
| $ | 1,493 |
| $ | 563 |
| +$ 930 |
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| $ | 2,980 |
| $ | 2,323 |
| +$ 657 |
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Earnings per common share - diluted |
| $ | 3.30 |
| $ | 1.17 |
| +$ 2.13 |
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| $ | 6.62 |
| $ | 5.14 |
| +$ 1.48 |
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(Dollars in millions) |
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| Q2 21 |
| Q2 20 |
| Change | ||
| Cash flow from operations |
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| $ | 3,569 |
| $ | 3,213 |
| +$ 356 |
| Adjusted EBITDA |
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| $ | 3,960 |
| $ | 3,209 |
| +$ 751 |
| Free cash flow |
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| $ | 3,443 |
| $ | 3,065 |
| +$ 378 |
