American semiconductor firm Broadcom Inc. reported double-digit growth in the first quarter of its fiscal year 2021 on the back of its enterprise growth, the company announced in a statement.
- Net revenue for the quarter gained 15% to $7.407 billion from $6.467 billion the same quarter the previous year. This includes $5.634 billion from semiconductor solutions and $1.773 billion from infrastructure software.
- Net income jumped by $665 million to $1.989 billion from $1.324 billion, bringing diluted earnings per common share up by $1.52 to $4.45 from $2.93. Full-year net income surged by $3.776 billion to $6.736 billion from $2.960 billion.
- Broadcom expects the first quarter of the fiscal year 2022 revenues at $7.6 billion, while adjusted earnings before interest, taxes, depreciation, and amortization is predicted at approximately 61.5% of projected revenue.
- Broadcom’s Board of Directors has also approved a repurchase of up to $10 billion of its common stock under a new share repurchase program, which will be effective until December 31, 2022.
The Board has also approved a quarterly cash dividend on its 8.00% Mandatory Convertible Preferred Stock payable on December 31, 2021. AVGO is up 7.53%.