Broadcom Inc (NASDAQ:AVGO) reported upbeat earnings for its fourth quarter. The company also named Charlie Kawwas as new COO and Kirsten Spears as CFO.
The company, out of San Jose, Calif. 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.
The Company's cash and cash equivalents at the end of the fourth fiscal quarter were $7,618 million, compared to $8,857 million at the end of the prior quarter.
During the fourth fiscal quarter, the Company generated $3,348 million in cash from operations and spent $102 million on capital expenditures.
AVGO also produced $6.647 billion in revenue, compared to $5.776 billion in the prior-year quarter. Net income proved to be $1.324 billion, compared to $847 million.
On September 30, 2020, the Company paid a cash dividend of $3.25 per share of common stock, totaling $1,320 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million.
According to CEO Hock Tan, "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."
AVGO shares collapsed $8.84, or 2.2%, to $401.20
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