Broadcom(US:AVGO) 招商电子·2025-09-06 15:05Core Viewpoint - Broadcom reported record revenue of $15.952 billion for FY2025 Q3, driven by strong performance in AI semiconductor and VMware businesses, with a year-over-year growth of 22% and a quarter-over-quarter growth of 6% [2][8] Financial Performance - FY2025 Q3 revenue reached a record high of $15.952 billion, exceeding previous guidance of approximately $15.8 billion, with a gross margin of 78.4%, slightly above the expected 78.1% [2][15] - The company has a record backlog of $110 billion in unfulfilled orders, with AI business significantly outpacing non-AI business [2][23] Semiconductor Division - Revenue from the semiconductor division was $9.166 billion, accounting for 57% of total revenue, with a year-over-year growth of 26% [3][15] - AI semiconductor revenue exceeded $5.2 billion, growing 63% year-over-year, marking ten consecutive quarters of growth [3][11] - Non-AI semiconductor revenue remained flat at $4 billion, indicating a slow recovery [13] Infrastructure Software - Infrastructure software revenue was $6.786 billion, representing 43% of total revenue, with a year-over-year growth of 17% [3][15] - The division's gross margin was 93%, reflecting strong order performance that exceeded previous expectations [14] Q4 Guidance - For FY2025 Q4, revenue is projected to be approximately $17.4 billion, a year-over-year increase of 24% and a quarter-over-quarter increase of 9.1% [4][17] - AI semiconductor revenue is expected to reach $6.2 billion, a 66% year-over-year increase [4][17] AI Business Outlook - The company has raised its FY2026 AI revenue forecast, driven by increasing demand from existing and new customers [4][18] - The introduction of the Jericho4 Ethernet switch, capable of 51.2 Tbps, is expected to support large-scale AI workloads across data centers [5][28] Operational Metrics - The company reported a free cash flow of $7 billion, representing 44% of revenue, with capital expenditures of $142 million [16] - Inventory levels increased to $2.2 billion, up 8% quarter-over-quarter, with inventory turnover days at 66 [16]