- Revenue of $6,467 million for the fourth quarter, up 12 percent from the prior year period
SAN JOSE, Calif., Dec. 10, 2020 — (PRNewswire) — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended November 1, 2020, provided guidance for the first quarter of its fiscal year 2021 and announced its quarterly dividends."We concluded the year with strong fourth quarter results driven by continued demand for networking from cloud and for broadband from service providers as well as the significant ramp in wireless, even as enterprise demand remained soft. Our infrastructure software segment continued to be stable and delivered solid results," said Hock Tan, President and CEO of Broadcom Inc. "Our first quarter revenue outlook, which projects continued overall strength, is expected to show 13 percent year over year growth, all organic."
"Despite the challenges presented by the ongoing pandemic and macroeconomic uncertainties, we achieved record profitability, generating $11.6 billion of free cash flow in fiscal 2020," said Tom Krause, CFO of Broadcom Inc. "As a result, we are raising our target common stock dividend by 11 percent to $3.60 per share per quarter for fiscal year 2021."
Fourth Quarter Fiscal Year 2020 Financial Highlights
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| GAAP |
| Non-GAAP | ||||||||||||||
(Dollars in millions, except per share data) |
| Q4 20 |
| Q4 19 |
| Change |
| Q4 20 |
| Q4 19 |
| Change | ||||||
Net revenue |
| $ | 6,467 |
| $ | 5,776 |
| +12% |
| $ | 6,467 |
| $ | 5,776 |
| +12% | ||
Net income |
| $ | 1,324 |
| $ | 847 |
| +$ 477 |
| $ | 2,865 |
| $ | 2,391 |
| +$ 474 | ||
Earnings per common share - diluted |
| $ | 2.93 |
| $ | 1.97 |
| +$ 0.96 |
| $ | 6.35 |
| $ | 5.39 |
| +$ 0.96 | ||
