Broadcom Inc. (NASDAQ:AVGO) Q3 2024 Earnings Conference Call September 5, 2024 5:00 PM ET
Company Participants
Ji Yoo - Head, IR
Hock Tan - President & CEO
Kirsten Spears - CFO
Conference Call Participants
Vivek Arya - Bank of America
William Stein - Truist Securities
Ross Seymore - Deutsche Bank
Stacy Rasgon - Bernstein
Ben Reitzes - Melius Research
Karl Ackerman - BNP Paribas
Timothy Arcuri - UBS
Harsh Kumar - Piper Sandler
CJ Muse - Cantor Fitzgerald
Christopher Caso - Wolfe Research
Christopher Rolland - Susquehanna
Aaron Rakers - Wells Fargo
Joseph Moore - Morgan Stanley
Harlan Sur - JPMorgan
Edward Snyder - Charter Equity Research
Operator
Welcome to Broadcom Inc.'s Third Quarter Fiscal Year 2024 Financial Results Conference Call.
At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc.
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 third 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 third quarter fiscal year 2024 results, guidance for our fourth quarter 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 will now turn the call over to Hock.
Hock Tan
Thank you, Ji, and thank you, everyone for joining us today. In our fiscal Q3 2024, consolidated net revenue of $13.1 billion was up 47% year-on-year, and operating profit was up 44% year-on-year. These strong results reflected three key factors: one, AI revenue continues to grow and grow strongly; two, VMware bookings continue to accelerate; and three, non-AI semiconductor revenue has stabilized.