Broadcom reported better-than-expected earnings and revenue in the quarter ending November 4.
Raking in $5.85 in earnings per share in its fourth quarter, the semiconductor technology company beat the $5.56 per share estimate of analysts polled by Bloomberg. Its revenue for the quarter increased +12.4% from the year-ago period to touch $5.45 billion, and surpassed analysts’ expected $5.40 billion.
Sales from the company's wireless communications business accounted for 31% of total revenue, edging past Broadcom's earlier expectations; but sales from this segment were still 5 percent lower than a year earlier. "We benefited from upside volumes of legacy phone generations at our North American OEM customer," President and CEO Hock Tan announced.
For the full year, Broadcom projects revenue of $24.50 billion, higher than analysts' estimate of $22.40 billion, according to IBES data from Refinitiv. Tank mentioned that going forward, the company’s two core areas would be semiconductor solutions and infrastructure software. Earlier this year, it acquired software maker CA Technologies for $19 billion.