Shares of Broadcom Corp. are up in afterhours trading Tuesday after the Irvine-based chipmaker announced fourth quarter financials that beat Wall Street expectations.

Investors sent Broadcom shares up nearly 3% in extended trading to a market value of about $18.5 billion.

Net revenue in the recently ended quarter was $1.82 billion, down 6.4% from a year earlier and slightly better than Wall Street expectations.

Analysts on average forecast revenue of $1.8 billion.

Adjusted profits topped $366.5 million, down nearly 25% from a year ago and above Wall Street estimates.

Analysts on average were expecting adjusted profits of $350 million.

In a separate announcement Broadcom said its board approved an 11% increase to its quarterly dividend to 10 cents a share, which may have also boosted afterhours trading.

Broadcom specializes in communication chips that go in tablets, smart phones, set-top boxes, broadband modems, networking gear and other products.

Broadcom provided guidance on revenue, gross margins, and research and development for the current quarter.

The company projects revenue between $1.7 billion and $1.8 billion, down from $1.82 billion a year ago and in line with analyst estimates.

Wall Street is expecting revenue of about $1.73 billion.

Gross margins are projected to be about 50.6%, flat from the recently ended quarter.

Research and development is projected to hit $701 million to $711 million, up from $636 million in the recently ended quarter.