Broadcom flushed by Q2 success
Broadcom Inc., which has major operations at Cambridge Science Park, hoisted revenues by four per cent to $5.742 billion in the second quarter of 2020.
The company's cash and equivalents at the end of Q2 were massively ahead to $9.207bn compared to $6.444bn at the end of the prior quarter.
Broadcom designs, develops and supplies semiconductor and infrastructure software solutions.
Hock Tan, President and CEO, said: “Second quarter results were in-line with our expectations and saw limited impact from the effects of COVID-19.
“Looking ahead, our third quarter guidance for semiconductors reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless.
“We remain focused on investing in our diverse set of mission critical semiconductor and software franchises, while carefully managing our expenses in this uncertain environment.”
CFO Tom Krause said Broadcom generated record quarterly free cash flow of over $3 billion and reinforced its balance sheet.
“Given our strong free cash flow generation, healthy balance sheet and enhanced liquidity position, we remain committed to maintaining our dividend while we navigate these unprecedented times.”