Broadcom Ltd (NASDAQ:AVGO) late Wednesday posted mixed fiscal fourth quarter earnings results and offered a bullish outlook for fiscal Q1.
The San Diego-based chipmaker reported Q4 earnings per share (EPS) of $4.59, which was $0.08 better than the Wall Street consensus estimate of $4.51.
Revenues rose 17.1% from last year to $4.84 billion, matching analysts’ view for $4.84 billion.
Looking ahead, Broadcom forecast fiscal Q1 revenues of $5.225 to $5.375 billion, well ahead of the $4.83 billion that Wall Street is looking for.
Additionally, BRCM announced a quarterly, interim cash dividend of $1.75 per share.
The company commented on its business progress via press release:
The Company will continue to target long term annual revenue growth of 5 percent. The Company is raising its long term target for non-GAAP gross margin from greater than 60 percent to 65 percent and non-GAAP operating margin from 45 percent to 47.5 percent. The Company is also raising its long term target for free cash flow from 35 percent to 40 percent of net revenue. These targets are long term goals and should not be interpreted as guidance for either the current period or future periods.
Broadcom Ltd shares were mostly flat in after-hours trading Wednesday following the report. Year-to-date, AVGO has gained 51.22%, versus a 19.44% rise in the benchmark S&P 500 index during the same period.