Broadcom (AVGO) Stock Up 6% Following Q4 Beat, Raised Buyback
Broadcom (NASDAQ: AVGO) shares were trading more than 6% higher after-hours following the company’s reported Q4 results, with EPS coming in at $7.81, beating the consensus estimate of $7.41. Quarterly revenue was $7.6 billion, compared to the consensus estimate of $7.36 billion.
According to Hock Tan, President and CEO of the company, the record Q4 results were driven by a rebound in enterprise, and continued strength from cloud and service provider demand.
The company provided its Q1/22 outlook, expecting revenue of $7.6 billion, which is better than the consensus estimate of $7.25 billion.
The company increased its target quarterly common stock dividend by 14% to $4.10 per share, first payable on December 31, 2021.
Further, Broadcom's Board of Directors announced the authorization of the repurchase of up to $10 billion of the company’s common stock under a new share repurchase program, effective until December 31, 2022.