Broadcom is buying cloud provider VMware for $61 billion. VMware shareholders can choose between getting $142.5 or 0.2520 shares of Broadcom stock per their company. The deal is scheduled to close in fiscal 2023.

VMware's GAAP net income for 3 months of fiscal 2023 was $242 million, down 43.1% from $425 million in the previous year. Revenue increased 3.1% to $3.088 billion, compared to $2.994 billion a year earlier.

Broadcom is in talks to buy VMWare, sources told Reuters. At what stage are the negotiations, the publication's sources did not specify.

VMware's GAAP net income for fiscal year 2022 was $1.82 billion, down 11.6% from $2.058 billion in the previous year. Revenue rose 9.2% to $12.851 billion from $11.767 billion a year earlier.