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Broadcom posts higher quarterly income

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Broadcom posts higher quarterly income

Broadcom Inc. reported fiscal third-quarter net income attributable to ordinary shares of $1.20 billion, or $2.71 per share, up from $481 million, or $1.14 per share, in the same quarter a year ago.

On a non-GAAP basis, net income came in at $2.26 billion, up from $1.87 billion in the fiscal third quarter of 2017. Non-GAAP EPS was $4.98, up from $4.10 last year.

Net revenue for the quarter rose by 13% to $5.06 billion, from $4.46 billion in the prior-year quarter. Operating income came in at $1.34 billion, up from $648 million.

The company's cost of products sold edged up to $1.68 billion from $1.66 billion.

Broadcom also announced a quarterly dividend of $1.75 per share. The record date for the dividend is Sept. 19, and it will be paid Sept. 28.

The company expects both GAAP and non-GAAP net revenue for the fiscal fourth quarter to be approximately $5.40 billion, plus or minus $75 million.

"Datacenter demand is driving strong growth in more than 50 percent of our consolidated revenue," said CEO Hock Tan.

For the three fiscal quarters that ended Aug. 5, net income climbed to $11.14 billion, or $25.74 per diluted share, from $1.16 billion, or $2.77 per diluted share, in the same period last year.