Broadcom (NASDAQ: AVGO) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The chipmaker reported Q4 revenue of $6.47 billion, up 12% year-over-year, and higher than the Wall Street projection. Meanwhile, net income of $6.35 per share was much better than what analysts had anticipated.
AVGO shares fell 2% immediately following the announcement. The stock has gained 27% since the beginning of this year.
The semiconductor firm also announced a slew of management changes.
The company’s CFO Tom Krause was appointed as the President of the new Infrastructure Software Group, overseeing the company’s six software divisions. Meanwhile, Charlie Kawwas, who is currently the Chief Sales Officer, will now take up the role of the COO. VP Kirsten Spears was named the new CFO.
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