Broadcom Inc. on Dec. 12 posted better-than-expected earnings per share and revenue for its fiscal 2019 fourth quarter and full year, even as the company's semiconductor revenue continued to decline.
Broadcom reported revenue of $5.78 billion for its fiscal quarter ended Nov. 3, up 6% from $5.44 billion in the same period a year earlier. For the fiscal year, revenue jumped 8% to $22.60 billion from $20.85 billion in fiscal 2018.
Consensus estimates called for quarterly revenue of $5.74 billion and full-year revenue of $22.55 billion.
The company's semiconductor revenue in the fourth quarter was $4.55 billion, down 7% from $4.87 billion in the year-ago quarter.
Broadcom's quarterly net income attributable to common stock came to $818 million, or $1.97 per share, compared to $1.12 billion, or $2.64 per share, in the year-earlier period. On a non-GAPP basis, the company posted fiscal fourth-quarter net income of $2.39 billion, or $5.39 per share, compared to $2.55 billion, or $5.85 per share, in the fiscal fourth quarter of 2018.
For full year 2019, the company posted attributable net income of $2.70 billion, or $6.43 per share, down from $12.26 billion, or $28.44 per share, in the previous fiscal year. Fiscal year 2019 non-GAAP income totaled $9.45 billion, or $21.29 per share, slightly up from $9.39 billion, $20.82 per share, a year ago.
The S&P Global Market Intelligence consensus EPS estimate for the just-ended quarter was $5.35 and $1.24 on a normalized and GAAP basis, respectively. For the full year, the consensus EPS estimate was $21.28 on a normalized basis and $5.66 on a GAAP basis.
The company expects fiscal 2020 revenue to be $25 billion, plus or minus $500 million. Adjusted EBITDA is expected to be $13.75 billion, plus or minus $250 million.