Broadcom (NASDAQ:AVGO) stock is down late in the day Thursday as the company reported its results for its latest quarter of the fiscal year, posting adjusted earnings that were better than what analysts were calling for.
The semiconductor manufacturer said that for its fourth quarter of its fiscal 2018, it brought in net income of $1.12 billion, or $2.64 per share. The figure was more than double the $532 million, or $1.25 per share that the company amassed during the year-ago quarter.
On an adjusted basis, Broadcom brought in earnings of $5.85 per share, which was stronger than the $5.58 per share that analysts were calling for in the Wall Street consensus estimate, according to FactSet. The company also brought in revenue of $5.44 billion, ahead of the $4.84 billion it raked in during the year-ago quarter.
Analysts were projecting the company to bring in sales of $5.4 billion, according to the Wall Street consensus estimate from analysts who were surveyed by FactSet. “Looking forward to fiscal year 2019, we expect another year of double digit revenue growth,” said Broadcom CEO Hock Tan in a statement.
For its fiscal 2019, the company calls for revenue of $24.5 billion, ahead of the Wall Street guidance of $22.58 billion.
AVGO stock is down close to 1.5% after the bell following the company’s quarterly earnings results, which came in ahead of what analysts were calling for. The company’s shares had been sliding close to 2.1% during regular trading hours as the company geared up to report for its period.