Broadcom Jumps to Start Week’s Last Session

Broadcom Inc. (NASDAQ: AVGO) gained Friday morning, as the company, a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended October 30, 2022, provided guidance for the first quarter of its fiscal year 2023 and announced its quarterly dividend.

Cash from operations of $4,583 million for the fourth quarter, less capital expenditures of $122 million, resulted in $4,461 million of free cash flow, or 50% of revenue. Quarterly common stock dividend increased by 12% to $4.60 from the prior quarter

Revenue of $8,930 million for the fourth quarter, up 21% from the prior year period GAAP net income of $3,359 million for the fourth quarter; Adjusted EBITDA of $5,722 million for the fourth quarter

Said CEO Hock Tan, "This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies. 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."

On September 30, 2022, the Company paid a cash dividend of $4.10 per share of common stock, totaling $1,707 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million .

AVGO shares jumped $17.92, or 3.4%, to $549.00