Here's how it's broken down:
* 朋 (péng): means "friend" or "companion"
* 友 (yǒu): means "friend" or "friendly"
It's pronounced "pèng-yǒu" with a rising tone on the first syllable and a neutral tone on the second.
Here are some examples:
* 我有很多朋友。 (Wǒ yǒu hěn duō péngyou.) - I have many friends.
* 我们是一群好朋友。 (Wǒmen shì yī qún hǎo péngyou.) - We are a group of good friends.
* 我和我的朋友一起去旅行。 (Wǒ hé wǒ de péngyou yīqǐ qù lǚxíng.) - I traveled with my friends.