Broadcom’s fourth quarter financial results were rather good with revenues increasing by 21 percent to $8.9 billion.
Net income saw year-on-year growth of 69 percent to $3.3 billion, from $1.9 billion in the fourth quarter of 2021.
Broadcom CEO and president Hock Tan said there had been shedloads of demand from hyperscale, service providers, and enterprises.
“This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies.”
“As we look into fiscal 2023, our increased R&D investments during the preceding years position us to extend our leadership in next generation products within the end markets we address.”
The group’s semiconductor solutions revenue increased 26 percent year on year to $7.1 billion, and infrastructure software revenue climbed four percent to contribute $1.8 billion.
Broadcom’s semiconductor business continued to perform well across hyperscale, service providers, and enterprise during the quarter, he said.
Tan claimed that Broadcom was showing “continued discipline” in shipping its backlog “only as and when needed” by end customers.
“So, in contrast to weak consumer electronics spending today and despite concerns of a global recession, we believe overall infrastructure spending remains strong, and we continue to experience sustained demand in most of our end markets, and this is what we continue to see in Q1.”
He expanded by revealing that networking revenue came to a record $2.5 billion and was up 30 percent year on year, representing 35 percent of Broadcom’s semiconductor revenue.
