Chip developer Broadcom Inc. (Nasdaq: AVGO) released fourth-quarter earnings that topped analysts’ estimates, sending the shares up 3.3% in after-hours trading.
The adjusted earnings per share were $1.95, better than analysts’  expectations of $1.87 and revenue of $18.02 billion was higher than estimates of  $17.47 billion.
“In Q4, record revenue of $18.0 billion grew 28% year-over-year, driven primarily by AI semiconductor revenue increasing 74% year-over-year,” Hock Tan, president and CEO of Broadcom, said in today’s earnings release statement.
The company is based in Palo Alto and got its start in Irvine, where it still maintains substantial offices and a large workforce.
Its shares were trading at $418.82 apiece at 4.33 p.m. in New York, with an intraday market cap of $1.9 trillion.
For further details, see the Dec. 22 edition of the Business Journal.
