After-Hours Action: Why Broadcom Stock Is On The Move

Broadcom Inc AVGO shares are trading higher in Thursday's after-hours session after the company's fourth-quarter results and guidance came in above analyst expectations. 

What Happened: Broadcom reported fiscal fourth-quarter revenue of $8.93 billion, which beat average analyst estimates of $8.9 billion. The company's top-line results were up 21% on a year-over-year basis, driven by strong demand from hyperscale, service providers and enterprise.

Broadcom reported fourth-quarter earnings of $10.45 per share, which beat average estimates of $10.28 per share.

"This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies. As we look into fiscal 2023, our increased R&D investments during the preceding years position us to extend our leadership in next generation products within the end markets we address," said Hock Tan, president and CEO of Broadcom.

Broadcom expects fiscal first-quarter revenue of approximately $8.9 billion versus estimates of $8.79 billion.

Dividend: Broadcom raised the quarterly dividend by 12% from $4.10 to $4.60 per share. It is payable on December 30, 2022, to common stockholders of record on December 20, 2022.

Check This Out: Why DocuSign Stock Is Ripping Higher After Hours

AVGO Price Action: Broadcom has a 52-week high of $677.76 and a 52-week low of $415.07. 

The stock was up 2.63% in after hours at $545.04 at time of publication, according to Benzinga Pro.

Photo: courtesy of Broadcom.