US technology giant and one of the largest semiconductor companies in the world, Broadcom Inc. (NASDAQ: AVGO), announced fourth quarter and fiscal year 2023 results after the market close in the US on Thursday.

Company overview

• Founded: 1961
• Headquarters: San Jose, California, United States
• Number of employees: 20,000 (2023)
• Industry: Semiconductor, computer software
• Key people: Henry Samueli (Chairman), Hock Tan (President and CEO)

The results

Broadcom reported revenue of $9.295 billion (up by 4% year-over-year) vs. $9.277 billion estimate.

Earnings per share (EPS) also topped analyst estimates for the quarter at $11.06 per share vs. $10.96 per share expected.

Net revenue reached $35.819 bill for the full fiscal 2023, up by 8% from the year prior. EPS reached $32.94 per share, an increase of 24.31% year-over-year.

CEO commentary

“Broadcom’s fiscal year 2023 revenue grew 8% year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers,” President and CEO of Broadcom, Hock Tan, highlighted the reasons for the successful year for the company.

“The acquisition of VMware is transformational. In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA to $30 billion,” Tan concluded.

Stock reaction

Shares of Broadcom ended the day up by 2.06% on Thursday at $922.26 a share before the latest results were announced.

The stock dipped by around 1% in the after-hours trading.

Stock performance

• 1 month: +0.32%
• 3 months: +6.69%
• Year-to-date: +63.53%
• 1 year: +72.16%

Broadcom stock price targets

• Rosenblatt Securities: $1000
• Oppenheimer: $1100
• Susquehanna: $1100
• KeyCorp: $1200
• Evercore ISI: $1050
• Truist Financial: $995
• Benchmark: $950
• TD Cowen: $900
• Wells Fargo: $900
• Mizuho: $960
• Deutsche Bank: $950

Broadcom Inc. is the 20th largest company in the world with a market cap of $378.07 billion.

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Sources: Broadcom Inc., TradingView, MarketWatch, MarketBeat, Benzinga, CompaniesMarketCap

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