By Yasin Ebrahim
Investing.com - Broadcom (NASDAQ:AVGO) hiked its quarterly dividend and announced a $10 billion share buyback Thursday after reporting fourth-quarter results that topped expectations, led by a rebound in enterprise cloud and services demand.
Broadcom shares gained 5.58% in after-hours trade following the report.
Broadcom announced earnings per share of $7.81 on revenue of $7.41 billion. Analysts polled by Investing.com anticipated EPS of $7.74 on revenue of $7.35 billion.
Semiconductor solutions, its core business, rose 17% to $5.63 billion, while infrastructure software rose 8% to $1.77 billion.
The "record fourth quarter results driven by a rebound in enterprise, and continued strength from cloud and service provider demand," the company said.
The chip maker hiked its quarterly dividend by 14% to $4.10 per share per quarter for fiscal year 2022, and announced a new $10 billion share repurchase program.
Looking ahead to Q1 revenue was expected to come in at $7.6 billion, compared with Wall Street estimates for $7.22 billion.
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