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12/10/2020, 10:18 PM (Source: TeleTrader)
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Broadcom Q4 revenue climbs 12% to $6.5B

Broadcom Inc. announced on Thursday its revenue in the fiscal fourth quarter of 2020 landed at $6.5 billion, up 12% on the year and above analyst expectations. Meanwhile, the company noted its net income amounted to $1.3 billion for the same quarter on earnings per share of $2.93.

"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. Our infrastructure software segment continued to be stable and delivered solid results," Broadcom's President and CEO Hock Tan said in a statement.

Shares of Broadcom fell 2.44% to $410.04 per share in after-hours trading shortly following the release of its fourth quarter earnings.

Breaking the News / JC