Broadcom Corporation (NASDAQ:AVGO) announced that its fourth quarter 2023 revenue rose 4% year over year to $9.3 billion, driven by investments in accelerators and network connectivity for artificial intelligence (AI).
Its top-line results edged past the $9.28 billion expected by Wall Street.
The semiconductor solutions provider's adjusted earnings per share (EPS) for the period, meanwhile, came in at $11.06, also surpassing the $10.96 analyst consensus forecast.
"In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to $30 billion," Broadcom CEO Hock Tan said in a statement.
The company’s 2024 revenue outlook exceeded the $46 billion Wall Street consensus estimate.
Broadcom also stated that it is raising its quarterly dividend by 14% to $5.25 per share.
Shares of Broadcom slipped 2% in Thursday’s after-hours session.
Contact Sean at sean@proactiveinvestors.com