What impacted Broadcom's net profit drop in Q3 2024?

Broadcom's net profit drop in Q3 2024 was primarily impacted by a one-time discrete non-cash tax provision of $4.5 billion, related to an intra-group transfer of certain IP rights to the United States. This tax provision resulted in a GAAP net loss of $1,875 million for the quarter. On a non-GAAP basis, Broadcom reported a net income of $6,120 million, indicating that the tax provision was the primary factor contributing to the GAAP net loss and subsequent drop in net profit.