Investing Club: Broadcom's solid quarter points to even more strength in the coming quarters
reported strong fiscal fourth-quarter results Thursday after the closing bell. On the top line, revenue of $7.4 billion outpaced the $7.35 billion consensus. On the bottom line, diluted earnings of $7.81 per share edged out the $7.72 per share the Street was looking for.
All that in mind, what's better than better than expected results and guidance that tops expectations? How about that plus a 14% increase to the common stock dividend and Within the segment, Networking revenue advanced 13% YoY to $1.9 billion, representing 34% of segment revenue. On the call, Tan attributed the double-digit growth to strong campus switching, cloud and 5G infrastructure demand. Tan also called out strong demand for custom ASIC silicon solutions from hyperscale cloud customers, which now represent 20% of networking revenue and noted that the hyperscale footprint now extends beyond TPUs and works with "multiple cloud customers.
Wireless revenue increased 21% YoY to $1.8 billion, representing 32% of segment revenue. On the call, Tan called out the launch of a customers' next-generation phone in the quarter. That customer would be Apple – but you'll never hear the team admit that because rule number one of being an Apple supplier is you don't talk about being an Apple supplier.
Within the segment, Tan called out 19% YoY growth at Brocade, which benefited from the "strong enterprise recovery." Excluding Brocade, segment revenue was up 6% YoY. That said, the year-to-date run should not be viewed as simply the result of multiple expansion. In fact, while the stock is now up ~41% on the year , the 19.9x forward p/e multiple is only up ~21% from the 16.4x multiple shares traded at coming into the year.
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