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Shares of Broadcom (NASDAQ:AVGO) are trading over 3% higher in pre-market Friday after the chipmaker reported better-than-expected FQ4 results and raised guidance.
Broadcom reported an EPS of $10.45 on revenue of $8.93 billion, beating the analyst estimate of $10.28 on sales of $8.9B. The semiconductor solutions unit generated revenue of $7.09B, topping the $7.01B estimate.
“This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies. As we look into fiscal 2023, our increased R&D investments during the preceding years position us to extend our leadership in next generation products within the end markets we address,” said Hock Tan, President and CEO of Broadcom Inc.
For this quarter, AVGO sees revenue of $8.9B, ahead of the average analyst consensus of $8.79B. The company’s Board of Directors approved a quarterly cash dividend of $4.60 per share.
Rosenblatt analysts said AVGO delivered a “surprising beat and raise” on the back of “strong infrastructure semiconductor demand and slightly better than expected wireless (Apple) dynamics.”
As a result, they reiterated a Buy rating and a 12-month price target of $775 per share.
BMO analysts took note of “slightly better” results and “much better” guidance. Hence, they raised estimates and reiterated an Outperform rating.
