Broadcom Inc : Announces Fourth Quarter and Fiscal Year 2020 Financial Results and Quarterly Dividends marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Broadcom stock slips as results tops Street view, new CFO announced Published: Dec. 10, 2020 at 4:31 p.m. ET By
-0.25% reported fiscal fourth-quarter net income of $1.25 billion, or $2.93 a share, compared with $818 million, or $1.97 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation and other items, were $6.35 a share, compared with $5.39 a share in the year-ago quarter.
Revenue rose to $6.47 billion from $5.78 billion in the year-ago quarter. Analysts surveyed by FactSet had expected earnings of $6.25 a share on revenue of $6.43 billion, based on Broadcom’s forecast revenue of $6.25 billion to $6.55 billion back in September.
“We concluded the year with strong fourth quarter results driven by continued demand for networking from cloud and for broadband from service providers as well as the significant ramp in wireless, even as enterprise demand remained soft,” said Hock Tan, Broadcom president and chief executive