Chipmaker Broadcom, Inc. (NASDAQ: AVGO) Thursday reported better-than-expected earnings and revenues for the fourth quarter of 2022.
Net profit was $10.45 per share in the final three months of the fiscal year, on an adjusted basis, up from last year’s earnings of $7.81 per share. Unadjusted net income climbed to $3.36 billion or $7.83 per share from $1.99 billion or $4.45 per share in the fourth quarter of 2021. Analysts had predicted a smaller number for the latest quarter.
Driving the bottom-line growth, fourth-quarter revenues increased 21% annually to $8.93 billion and slightly exceeded the Street view.
Check this space to read management/analysts’ comments on Broadcom’s Q4 earnings
“Consistent with our commitment to return cash to shareholders, we will resume our authorized share repurchase programs for the remaining $13 billion, and we are increasing our quarterly common stock dividend by 12 percent to $4.60 per share for fiscal year 2023,” said Broadcom’s CFO Kirsten Spears.