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Broadcom cuts at least 2,800 VMware jobs following $69 billion acquisition
Arstechnica
·
1y ago
Medial
Broadcom has completed its $69 billion acquisition of VMware and will be initiating layoffs. According to WARN notices, at least 2,837 employees will be affected, with 1,267 being laid off at the Palo Alto campus. However, the total number of layoffs could be higher. Broadcom's focus on enterprise software led to the acquisition of VMware, which will remain central to the company's strategy. Details about the post-acquisition plans are limited, but Broadcom aims to boost revenue through software subscriptions. The layoffs come after the completion of Broadcom's acquisition of VMware.
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Broadcom CEO compensation more than doubles to $162 million in 2023
Economic Times
·
1y ago
Medial
Broadcom CEO Hock Tan's annual compensation more than doubled to $161.8 million in 2023, with stock awards of $160.5 million driving the increase. This marks a significant jump from his 2022 pay of $60.6 million. Broadcom recently completed its $69 billion acquisition of VMware, after obtaining regulatory approval in China. The chipmaker reported revenue of $35.82 billion in 2023, and its stock has performed well, rising 17% in 2024.
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Beijing weighs delaying approval of $69 billion Broadcom-VMware deal: report
Economic Times
·
1y ago
Medial
China's State Administration of Market Regulation is reportedly considering delaying the approval of Broadcom's $69 billion acquisition of VMware due to the US government's introduction of stricter chip controls. The deal, which would see Broadcom diversify into enterprise software, has already received clearance from several jurisdictions. However, China's merger and acquisition approvals for US companies now require additional consultations with the Ministry of Foreign Affairs and the State Council.
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Broadcom sees revenue below estimates on weak enterprise spending
Economic Times
·
1y ago
Medial
Chipmaker Broadcom expects its annual revenue to be below Wall Street estimates due to weak enterprise spending and competition following its acquisition of VMware. In fiscal 2024, Broadcom forecasts revenue of $50 billion, lower than the expected $52.50 billion. The company plans to divest VMware's non-core businesses and projects an annual adjusted EBITDA of around 60% of projected revenue, approximately $30 billion. Analysts are concerned about Broadcom's revenue moderation, impact from Cisco Systems' slowdown, and competition from Nvidia. In Q4, Broadcom's revenue was $9.30 billion but beat profit estimates with $11.06 per share.
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Chipmaker Broadcom expects $69 billion VMware deal to close before November deadline
Economic Times
·
1y ago
Medial
US chipmaker Broadcom and cloud-computing firm VMware expect their $69 billion merger deal to be completed before the November deadline, according to a statement. However, concerns remain over securing approval from China's State Administration of Market Regulation (SAMR). Broadcom has received clearances from various regulatory bodies, but China's approval may be delayed due to stricter chip controls introduced by the US. The deal, Broadcom's largest ever, aims to diversify the chipmaker into enterprise software.
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Broadcom closes $69 billion VMware deal after China approval
Economic Times
·
1y ago
Medial
Broadcom has successfully closed its $6.9 billion deal to acquire VMware after getting approval from China's regulatory authorities. The acquisition is expected to bolster Broadcom's position in the growing software and cloud services market.
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VMware by Broadcom is overhauling its training for an all-new experience
Techradar
·
1y ago
Medial
Broadcom is overhauling its training experience for VMware, aiming to offer more training at a lower cost. The company recently made its digital content library, including on-demand courseware, free for VMware Cloud Foundation customers, strategic customer segment, and Broadcom Advantage program partners. The move is seen as a strategic approach to attract more customers and ease the financial burden of adopting Cloud Foundation. However, access to the revamped training for the broader VMware community is yet to be confirmed. Despite some pushback, Broadcom CEO Hock Tan expects double-digit growth to boost VMware's profitability after the company's acquisition.
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Some VMware perpetual license owners are unable to download security patches
Arstechnica
·
17d ago
Medial
Some VMware perpetual license owners currently face difficulties downloading essential security patches, with Broadcom indicating that access will be granted at an unspecified later date. This delay follows Broadcom's acquisition of VMware and the shift from perpetual licenses to subscriptions, causing some users without support contracts to miss timely patch updates. Additionally, the European General Court is reviewing an appeal against the European Commission’s approval of Broadcom's VMware acquisition, citing concerns over unfair licensing practices and potential market dominance.
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A long, costly road ahead for customers abandoning Broadcom’s VMware
Arstechnica
·
6m ago
Medial
The acquisition of VMware by Broadcom has led to dissatisfaction among its clients due to rising costs and complex service changes. Many companies are contemplating reducing or ending their association with VMware. The price increases are attributed to Broadcom's bundling tactics, and technical support has become inadequate. Migrating from VMware is a challenging and costly process, causing hesitancy among users. Despite some potential pricing relief, the overall scenario presents a tough choice for VMware customers.
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“Extreme” Broadcom-proposed price hike would up VMware costs 1,050%, AT&T says
Arstechnica
·
10m ago
Medial
- AT&T has accused Broadcom of quoting a 1,050 percent price hike for VMware offerings in legal documents related to a dispute over support services. - AT&T argues that it should have the right to renew support through September 2026 based on a previously signed five-year deal. - Many VMware customers have complained about Broadcom's changes, including increased prices and bundling products into fewer SKUs. - AT&T claims that migration costs to move away from VMware would range from $40 million to $50 million. - Broadcom has not publicly commented on the allegations and has requested that AT&T's request to block the discontinuation of VMware support be denied.
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AT&T sues Broadcom for refusing to renew perpetual license support
Arstechnica
·
11m ago
Medial
AT&T has filed a lawsuit against Broadcom, accusing the company of retroactively changing existing VMware contracts. The lawsuit alleges that Broadcom is preventing AT&T from renewing support services for previously purchased perpetual VMware software licenses unless certain conditions are met. AT&T claims that support services are critical for software errors, security patches, upgrades, and maintenance. The lawsuit seeks a one-year renewal for support services and aims to prevent Broadcom from cutting off support. Broadcom denies the allegations and argues that AT&T is not eligible for a renewal. The case could have implications for AT&T's provision of services to first responders and the Office of the President.
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