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Investing.com – Broadcom reported Thursday better-than-expected fourth-quarter results, but the chipmaker’s guidance for annual revenue missed Wall Street estimates.
Broadcom Inc (NASDAQ:AVGO) fell more than 2% in after-hours trade following the report.
Broadcom reported Q4 adjusted EPS of $11.06 on revenue of $9.30B. Analysts polled by Investing.com anticipated EPS of $10.96 on revenue of $9.28B.
The beat on the bottom line was “driven by investments in accelerators and network connectivity for AI by hyperscalers,” the company said.
Semiconductor solutions, its core business, rose 3% to $7.33B, while infrastructure software added 7%% to $2.00 billion.
The company hiked up its quarterly dividend by 14% to $5.25.
Looking ahead, fiscal 2024 revenue guidance was $50B, missing expectations of $50.25B.
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Source: Investing.com
