博通FY24Q2财报梳理及业绩交流会纪要（持续更新中）

Key Points Industry and Company - Industry: Technology, Semiconductor, Infrastructure Software - Company: Broadcom Core Views and Arguments - Revenue Growth: Broadcom reported a 43% year-over-year revenue growth in Q2 2024, reaching $12.487 billion. This growth was driven by strong performance in AI and infrastructure software segments. - AI Revenue: AI revenue reached a quarterly high of $3.1 billion, growing 280% year-over-year. This segment significantly offset the cyclically weak semiconductor revenue from enterprise and telecom companies. - Infrastructure Software: Revenue from infrastructure software grew 175% year-over-year, primarily driven by VMware's contribution. VMware's revenue increased from $2.1 billion in Q1 to $2.7 billion in Q2, and is expected to accelerate towards $4 billion per quarter by 2025. - Adjusted EBITDA: Adjusted EBITDA grew 31% year-over-year to $7.4 billion, representing 59% of revenue. - Free Cash Flow: Free cash flow reached $4.448 billion, representing 36% of revenue. After accounting for restructuring and integration costs, free cash flow increased 18% year-over-year to $5.3 billion. Other Important Points - Semiconductor Solutions: Revenue from semiconductor solutions grew 1.2% year-over-year to $7.119 billion. Growth was driven by strong demand for AI network and custom ASIC chips from hyperscale customers. - Network: Network revenue grew 44% year-over-year to $3.8 billion, driven by strong demand for AI network and custom ASIC chips from hyperscale customers. - Wireless: Wireless revenue decreased 19% sequentially but grew 2% year-over-year to $1.6 billion. Broadcom expects wireless revenue to be flat in fiscal 2024. - Storage Connectivity: Storage connectivity revenue decreased 27% year-over-year to $824 million. Broadcom expects storage connectivity revenue to decline approximately 20% in fiscal 2024. - Broadband: Broadband revenue decreased 39% year-over-year to $730 million. Broadcom expects broadband revenue to decline approximately 30% in fiscal 2024. - Industrial: Industrial revenue decreased 10% year-over-year to $234 million. Broadcom expects industrial revenue to decline in the high single digits in fiscal 2024. - VMware Integration: VMware integration is progressing well, with significant progress in product rationalization and subscription licensing. VMware's annualized booking value (ABV) increased from $12 billion in Q1 to $19 billion in Q2. - Financial Guidance: Broadcom raised its fiscal 2024 revenue guidance to $51 billion, reflecting the strong performance in Q2 and the expected growth from VMware.