Broadcom Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q3 consolidated net revenue was $6.8 billion, up 16% year-over-year (YoY).
  • Semiconductor Solutions revenue rose 19% YoY to $5 billion.
  • Infrastructure Software revenue increased 10% YoY to $1.8 billion.
  • Broadcom expects Q4 revenue of $7.35 billion, up ~14% YoY.

Semiconductor Segment Performance

  • Overall segment growth of 19% YoY, with continued strong demand from cloud and service providers.
  • Networking:
    • Q3 revenue: $1.8 billion (19% YoY growth).
    • Driven by 5G routing demand and share gains in data‑center Ethernet controllers.
    • Enterprise deployments still lagging YoY, despite improving OEM orders.
    • Q4 expected growth: below double‑digit YoY due to tough comps.
  • Server Storage Connectivity:
    • Q3 revenue: $673 million (down 9% YoY), in line with guidance.
    • Enterprise demand recovering with strong bookings.
    • Q4 expected to grow low double-digits YoY, reversing Q3 decline.
  • Broadband:
    • Q3 revenue: $910 million (up 23% YoY).
    • Driven by 2× increase in Wi‑Fi 6E gateway deployments and strong fiber/DOCSIS 3.1 demand.
    • Q4 expected to continue double‑digit YoY growth.

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Operator: Welcome to Broadcom Inc. Third Quarter Fiscal Year 2021 Financial Results Conference call. At this time for opening remarks and introduction. I would like to turn the call over to Ji Yoo, Director 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; Tom Croft, President, Broadcom Software Group; and Charlie Kawwas, Chief Operating Officer. Broadcom also distributes a press release and financial tables after the market closed, describing our financial performance for the third quarter of the fiscal year 2021. If you did not receive a copy, you may obtain the information from the investor section of Broadcom's website at broadcom.com. This conference call is being webcast live, and a recording will be available via telephone playback for one week. It will also be archived in the Investors section of our website at broadcom.com. During the prepared remarks, Hock and Kirsten will be providing details of our third quarter of the fiscal year 2021 results, guidance for our fourth quarter, 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 factor that could cause our actual results to differ materially from the forward-looking statements made on this c

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