By Denny Jacob

Broadcom posted better-than-expected top and bottom line results in the fourth quarter, and called for further growth in the current fiscal year.

The semiconductor company posted net income of $3.52 billion, or $8.25 a share, for the fourth quarter ended Oct. 29, up from $3.36 billion, or $7.83 a share, a year earlier. Adjusted earnings were $11.06 a share, above analysts' estimates of $10.96.

Revenue rose 4% to $9.3 billion from $8.93 billion. Analysts polled by FactSet expected $9.28 billion.

Broadcom forecast revenue around $50 billion for fiscal 2024, which Chief Executive Hock Tan said would be driven by contributions from VMware. It also guided for adjusted earnings before interest, taxes, depreciation and amortization to be about 60% of projected revenue, or $30 billion.

Broadcom logged revenue of $35.82 billion in fiscal 2023.

"The acquisition of VMware is transformational," said Tan. "In fiscal year 2024, we expect semiconductor to sustain its mid to high single digit revenue growth rate."

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 07, 2023 16:57 ET (21:57 GMT)

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