Irvine-based chipmaker Broadcom Corp. on Thursday reported fourth quarter revenue and earnings that beat Wall Street expectations and provided a revenue target for the current quarter just below estimates.
The company posted sales of $2.06 billion, down less than 1% from a year ago.
Analysts on average had forecast sales of $2.02 billion.
Adjusted profits topped $366 million, down 20.7% from a year earlier.
Wall Street had expected an adjusted profit of $323.7 million for the quarter.
The company posted record full-year revenue in all three of its business groups: broadband communications; mobile and wireless; and infrastructure and networking.
Total revenue in 2013 topped $8.31 billion, up 3.7% from 2012.
Adjusted profits topped $1.66 billion, down 5.6%.
The company’s shares were down slightly in afterhours trading to a market value of $16.59 billion.
Broadcom specializes in communication chips that go in tablets, smart phones, set-top boxes, broadband modems, networking gear and other products.
The company enters 2014 with an eye towards penetrating the LTE market with its first set of offerings, as well strengthening its position in the ultra HD segment, data center infrastructure and the burgeoning ecosystem of connected home and work devices.
Broadcom provided guidance on revenue, gross margins, and research and development for the current quarter.
The company projected sales between $1.9 billion and $2 billion in the March quarter, just below analyst expectations of $2.02 billion.
Gross margins, a key measure for technology companies, are projected to be in the range of 51.6% to 52.1% in the current quarter, down from 52.6% in the December quarter.
Spending on research and development is projected between $717 million and $737 million, up from $702 million in the recently ended quarter.
Broadcom on Thursday also announced that its board approved a 9% increase to its quarterly dividend to 12 cents a share.