Chipmaker Broadcom, Inc. (NASDAQ: AVGO) Thursday reported better-than-expected earnings and revenues for the fourth quarter of 2022.
Internet revenue was $10.45 per share within the last three months of the fiscal 12 months, on an adjusted foundation, up from final 12 months’s earnings of $7.81 per share. Unadjusted internet earnings climbed to $3.36 billion or $7.83 per share from $1.99 billion or $4.45 per share within the fourth quarter of 2021. Analysts had predicted a smaller quantity for the newest quarter.
Driving the bottom-line development, fourth-quarter revenues elevated 21% yearly to $8.93 billion and barely exceeded the Avenue view.
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“In line with our dedication to return money to shareholders, we are going to resume our approved share repurchase applications for the remaining $13 billion, and we’re growing our quarterly widespread inventory dividend by 12 p.c to $4.60 per share for fiscal 12 months 2023,” mentioned Broadcom’s CFO Kirsten Spears.