Broadcom Inc. (NASDAQ:AVGO) Q1 2024 Earnings Conference Call March 7, 2024 5:15 PM ET
Company Participants
Ji Yoo - Head, IR
Hock Tan - President and CEO
Kirsten Spears - CFO
Conference Call Participants
Harsh Kumar - Piper Sandler
Harlan Sur - JPMorgan
Vivek Arya - Bank of America Securities
Stacy Rasgon - Bernstein
Aaron Rakers - Wells Fargo
Chris Danely - Citi
Karl Ackerman - BNP Paribas
Christopher Rolland - Susquehanna
Toshiya Hari - Goldman Sachs
Vijay Rakesh - Mizuho
Matt Ramsay - TD Cowen
Edward Snyder - Charter Equity Research
Operator
Hello, and welcome to Broadcom's Inc. First Quarter Fiscal Year 2024 Financial Results Conference Call. At this time, for opening remarks and introductions, I will turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc. You may begin.
Ji Yoo
Thank you, operator, and good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; and Charlie Kawwas, President, Semiconductor Solutions Group.
Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for the first quarter of fiscal year 2024. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live and an audio replay of the call can be accessed for one year through the Investors section of Broadcom's website.
During the prepared comments, Hock and Kirsten will be providing details of our first quarter fiscal year 2024 results, guidance for our fiscal year 2024 as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments. Please refer to our press release today and our recent filings with the SEC for information on the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call.
In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results.
I'll now turn the call over to Hock.
Hock Tan
Thank you, Ji, and thank you, everyone, for joining us today. In our fiscal Q1 2024, consolidated net revenue was $12 billion, up 34% year-on-year as revenue included 10.5 weeks of contribution from VMware. Excluding VMware, consolidated revenue was up 11% year-on-year. Semiconductor solutions revenue increased 4% year-on-year to $7.4 billion, and infrastructure software revenue grew 153% year-on-year to $4.6 billion.