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Broadcom Inc on Thursday reported a surge in full-year revenue and confirmed its outlook for the first quarter of financial 2023.
The California-based semiconductor manufacturer reported revenue of $8.93 billion for the fourth quarter ended October 31, up 21% from $7.41 billion in the period a year prior.
The company attributed the jump in revenue to strong demand from hyperscale, service providers, and enterprise.
Net income in the period surged to $3.36 billion from $1.99 billion a year before.
Full-year revenue rose 21% too to $33.20 billion versus $27.45 billion. Net income surged to $11.50 billion compared to $6.74 billion the year before.
‘This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies,’ President & CEO Hock Tan comments.
Dilluted earnings per common share for financial 2022 amounted to $26.53 versus $15.00.
Broadcom approved a quarterly cash dividend on its common stock of $4.60 per share.
‘As we look into fiscal 2023, our increased R&D investments during the preceding years position us to extend our leadership in next generation products within the end markets we address,’ Tan adds.
Broadcom guided for first quarter revenue of roughly $8.9 billion and adjusted earnings before interest, tax, depreciation, and amortization of around 63% of projected revenue.
By Abby Amoakuh, Alliance News reporter
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