Broadcom (NASDAQ: AVGO) beat market expectations for revenue and earnings in the fourth quarter of 2019. Shares rose slightly in aftermarket hours on Thursday.
Total revenue of $5.77 billion was up 6.1% from the same period last year and ahead of estimates of $5.73 billion.
GAAP net income was $847 million, or $1.97 per share,
compared to $1.11 billion, or $2.64 per share, in the prior-year period. Adjusted
net income was $2.39 billion, or $5.39 per share. Analysts had forecast
adjusted EPS of $5.36.
Hock Tan, President and CEO said, “Fiscal year 2019
concluded as expected. Our semiconductor solutions segment continued to work
its way through a cyclical correction. This was more than offset by our
infrastructure software segment, which delivered healthy results benefitting
from the integration and performance of our CA business.”
For fiscal year 2020, the company expects revenue to
be $25
billion plus or minus $500
million.
Broadcom completed the acquisition of the Symantec
Enterprise Security business in November and the financial results do not
include any contribution from the Symantec Enterprise Security business.
The company approved a quarterly cash dividend on its common stock of $3.25 per share, payable on December 31, 2019 to common stockholders of record on December 23, 2019.
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