Broadcom Inc. (NASDAQ: AVGO) reported financial results for the third quarter ended August 4th, 2019. The company also announced a quarterly dividend of USD 2.65 per share.
“Our broad portfolio of mission critical semiconductor and infrastructure software solutions, utilized by the world’s largest enterprises, continued to drive sustained revenues and robust cash flow despite a challenging market backdrop,” said Hock Tan, President and CEO of Broadcom Inc. “Looking at the semiconductor solutions segment, we believe demand has bottomed out but will continue to remain at these levels due to the current uncertain environment.”
“During the quarter, we generated over $2.3 billion in free cash flow representing over 8% growth on a year on year basis,” said Tom Krause, CFO of Broadcom Inc. “We returned over $2 billion to stockholders in the quarter including $1.1 billion in cash dividends and approximately $1 billion in share repurchases and eliminations. We remain fully committed to maintaining our investment grade credit rating and, looking forward, we intend to focus on deleveraging our balance sheet.”
Revenue for the third quarter was USD 5.515 Billion, up 9% from a year ago. The company repurchased 3.5 million shares for a combined amount of USD 977 Million. Net income was USD 715 Million compared to net income of USD 691 Million.
Broadcom is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom’s category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise and mainframe software focused on automation, monitoring and security, smartphone components, telecoms and factory automation.