Broadcom (NASDAQ:AVGO) earnings for the semiconductor company’s fiscal fourth quarter of 2019 have AVGO stock moving Thursday evening. This comes after reporting adjusted per-share earnings of $5.39 on revenue of $5.78 billion. That has it beating out Wall Street’s estimates of $5.35 and $5.73 billion for the quarter.
Now for a closer look at the most recent Broadcom earnings report.
- Adjusted earnings per share are down 7.86% from the $5.85 reported during the same time last year.
- Revenue comes in 6.25% higher than the $5.44 billion reported in the fiscal fourth quarter of 2018.
- The Broadcom earnings report also includes an operating income of $1.05 billion.
- This is a 36.36% drop from the company’s operating income of $1.65 billion in the same period of the year prior.
- Net income of $847 million is 24.38% lower YoY than $1.12 billion.
Tom Krause, CFO of Broadcom, says this about the AVGO stock earnings report.
“We achieved record profitability in fiscal 2019, including free cash flow of over $9 billion, despite a challenging market backdrop for our semiconductor solutions segment. As a result, we are raising our target dividend by 23 percent to $3.25 per share per quarter for fiscal year 2020.”
The Broadcom earnings report also includes an outlook for fiscal 2020. The company is expecting revenue to come in $25 billion with a $500 million plus or minus. Wall Street is looking for revenue of $23.79 billion in fiscal 2020.
AVGO stock was up roughly 1% in after-hours trading on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.