When Broadcom Inc. (NASDAQ: AVGO) released fiscal fourth-quarter financial results after markets closed Thursday, the semiconductor maker reported $6.35 in earnings per share (EPS) and $6.47 billion in revenue. That compared with consensus estimates of $6.25 in EPS and revenue of $6.43 billion. In the same period last year, the company reported EPS of $5.39 on $5.78 billion in revenue.
Management noted that Broadcom delivered strong fourth-quarter revenue results through continued demand for networking from cloud and for broadband from service providers as well as the significant ramp in wireless, even as enterprise demand remained soft.
During the most recent quarter, total revenue increased 12% year over year. This consisted of Semiconductor Solutions revenues that increased 6% year over year to $4.83 billion and Infrastructure Software revenues that increased 36% to $1.64 billion.
At the end of the quarter, cash and cash equivalents totaled $7.62 billion, down from $8.86 billion at the end of the prior quarter.
The board of directors approved a quarterly cash dividend of $3.60 per share that is payable on December 31 stockholders of record at the close of business on December 21.
Looking ahead to the fiscal first quarter, the company expects to see net revenues of $6.6 billion and adjusted EBITDA of $3.9 billion. Consensus estimates call for $6.37 in EPS and $6.52 billion in revenue for the quarter.
Broadcom stock closed Thursday at $410.04, with a 52-week range of $155.67 to $426.70. The consensus analyst price target is $416.00. Following the announcement, the stock was down over 2% at $399.50 in the after-hours session.