Broadcom Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Total Q4 revenue was 7.4 billion dollars, up 15 percent year over year, setting a new quarterly record.
  • Semiconductor solutions revenue grew 17 percent year over year to 5.6 billion dollars.
  • Infrastructure software revenue increased 8 percent year over year to 1.8 billion dollars.
  • Full-year revenue reached 27.5 billion dollars, up 15 percent from fiscal 2020.
  • Gross margin for the year rose 100 basis points to 75 percent.

Semiconductor Segment Highlights

  • Networking (1.9 billion dollars, 34 percent of semiconductor revenue): Up 13 percent year over year. Demand was broad-based, driven by campus switching, ASIC solutions, AI network builds, 5G infrastructure, and hyperscale data center bandwidth needs. Cloud offload compute programs now represent 20 percent of networking revenue, expected to surpass 2 billion dollars next fiscal year.
  • Server Storage Connectivity (815 million dollars): Up 21 percent year over year after a weak first half of 2021. Growth driven by storage controller demand, host bus adapters, and migration to higher-capacity hard drives. Nearline storage business now nearly 1 billion dollars annually.
  • Broadband (872 million dollars): Up 29 percent year over year. Growth driven by global deployment of next-generation PON and Wi-Fi 6/6E access gateways.

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Operator: Hello and welcome to Broadcom’s Inc. Fourth Quarter and Fiscal Year 2021 Financial Results Conference call. At this time for opening remarks and introduction, I would turn the call over to Ji Yoo, Director 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; Tom Croft, President, Broadcom Software Group; and Charlie Kawwas, Chief Operating Officer. Broadcom also distributed a press release and financial tables after the market closed, describing our financial performance for the fourth quarter and 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 comments, Hock and Kirsten will be providing details of our fourth quarter and fiscal year 2021 results, guidance for our first 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 factors that could cause our actual results to differ materially from the forward-looking stat

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