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.