- Revenue of $5,821 million; GAAP net income of $688 million; Adjusted EBITDA of $3,342 million
SAN JOSE, Calif., Sept. 3, 2020 — (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 third quarter of fiscal year 2020, ended August 2, 2020, provided guidance for the fourth quarter of its fiscal year 2020 and announced its quarterly dividends."We delivered third quarter revenue results in-line with our expectations, driven by healthy demand from cloud and telecom customers, which more than offset the expected reset in wireless," said Hock Tan, President and CEO of Broadcom Inc. "Our outlook for the fourth quarter reflects a strong anticipated ramp in wireless, as well as the continuing surge in demand for networking from cloud and telecom customers, more than offsetting expected softness in enterprise."
"We generated record free cash flow of over $3 billion, which represented 33 percent growth on a year on year basis, and reduced total debt by $1.9 billion in the quarter," said Tom Krause, CFO of Broadcom Inc. "Looking ahead, our cash flow outlook remains robust and we plan to pay down an additional $3 billion in debt in the fourth quarter."
Third Quarter Fiscal Year 2020 Financial Highlights
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| GAAP |
| Non-GAAP | |||||||||||||
(Dollars in millions, except per share data) |
| Q3 20 |
| Q3 19 |
| Change |
| Q3 20 |
| Q3 19 |
| Change | |||||
Net revenue |
| $ | 5,821 |
| $ | 5,515 |
| +6% |
| $ | 5,821 |
| $ | 5,515 |
| +6% | |
Net income |
| $ | 688 |
| $ | 715 |
| -$ 27 |
| $ | 2,435 |
| $ | 2,281 |
| +$ 154 | |
Earnings per common share - diluted |
| $ | 1.45 |
| $ | 1.71 |
| -$ 0.26 |
| $ | 5.40 |
| $ | 5.16 |
| +$ 0.24 | |
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