“Our year forecast will grow,” Broadcom CEO Hock Tan told analysts Thursday. But that was about it, as he refused to provide a more specific outlook.
Broadcom Inc. late Thursday gave Wall Street analysts quarterly earnings and an outlook that topped consensus estimates, hiked its dividend and recommitted to share buybacks, yet analysts kept asking for more of a forecast from the chip and software company.
Given a two-year, pandemic-triggered global chip shortage that quickly flipped to signs of a glut, Tan reiterated his sales policy to analysts, saying Broadcom does not cancel orders and monitors its customers for signs of hoarding. Broadcom reported fiscal fourth-quarter net income of $3.31 billion, or $7.83 a share, compared with $1.91 billion, or $4.45 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation and other items, were $10.45 a share, compared with $7.81 a share in the year-ago quarter.
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