Earnings Results: Broadcom stock rises after earnings beat, dividend hike, slight software miss

by | Dec 8, 2022 | Stock Market

Broadcom Inc. shares ticked higher in the extended session Thursday after the chip and software company reported quarterly earnings and an outlook that topped Wall Street estimates — except for a slight miss on software revenue — and hiked its dividend. Shares of Broadcom
rose 2% after hours, following a 2.4% rise in the regular session to close at $531.08.

Broadcom reported fiscal fourth-quarter net income of $3.31 billion, or $7.83 a share, compared with $1.91 billion, or $4.45 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation and other items, were $10.45 a share, compared with $7.81 a share in the year-ago quarter. Revenue rose to $8.93 billion from $7.41 billion in the year-ago quarter, as chip sales rose 26% to $7.09 billion from the year-ago period, and infrastructure software sales increased by 4% to $1.84 billion. Analysts surveyed by FactSet had expected earnings of $10.28 a share on revenue of $8.9 billion. The Street also forecast chip sales, on average, of $7.04 billion and infrastructure software sales of $1.86 billion. “As we look into fiscal 2 …

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