Broadcom rises following Q4 results, reports record full-year revenue

Broadcom (NASDAQ:AVGO) jumped during early post-market trading Thursday after releasing its fourth quarter fiscal 2024 financial results, which featured record full-year revenue.

For the quarter ended November 3, the Palo Alto-based semiconductor firm reported adjusted earnings per share of $1.42 versus the consensus estimate of $1.39. It reported revenue of $14.05B, versus the consensus of $14.06B.

“Broadcom’s fiscal year 2024 revenue grew 44% year-over-year to a record $51.6B, as infrastructure software revenue grew to $21.5B, on the successful integration of VMware,” said Broadcom CEO Hock Tan. “Semiconductor revenue was a record $30.1B driven by AI revenue of $12.2B. AI revenue, which grew 220% year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio.”

For the quarter in progress, Broadcom expects revenue of $14.6B versus the consensus of $14.61B.

“Based on increased cash flows in fiscal year 2024, we are increasing our quarterly common stock dividend by 11% to $0.59 per share for fiscal year 2025,” said Broadcom CFO Kirsten Spears. “The target fiscal year 2025 annual common stock dividend of $2.36 per share is a record, and the fourteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011.”

Broadcom is also reportedly working with Apple (AAPL) to develop an in-house server chip exclusively designed for artificial intelligence. Apple already ranks as one of Broadcom’s most important customers.