Microchip and semiconductor company Broadcom’s (AVGO) latest financial results beat Wall Street forecasts on both the top and bottom lines, sending its stock higher.
The company reported earnings per share (EPS) of $11.06 U.S. for what was its fiscal fourth quarter, topping the consensus expectation of $10.96 U.S.
Revenue in the period came in at $9.3 billion U.S., which matched analyst expectations.
The company said its semiconductor-solutions business unit posted sales of $7.3 billion U.S. in the quarter, while its infrastructure software segment generated $2 billion U.S. of revenue.
Looking ahead, Broadcom said that for its fiscal 2024 year, it expects to generate revenue of $50 billion U.S., including its recent acquisition of VMware that was finalized in November.
Wall Street had forecast full-year revenue of $39.2 billion U.S. for the company.
Broadcom’s microchips and semiconductors are used in networking, broadband, server storage, wireless, and industrial products.
During an earnings call with analysts and investors, Broadcom executives said that they are seeing generative A.I. demand increase.
Broadcom’s stock is up 1% in premarket trading following the earnings report and guidance. So far in 2023, the company’s share price has gained 67% to trade at $922.26 U.S. per share.
