(Broadcom) The shares of Broadcom Inc. rose more than 9% on Friday after the company announced a $10 billion common stock repurchase.
The share buyback authorization will be effective until the end of 2022 and will be done through privately negotiated purchases or open market.
The fourth-quarter common stock dividend rose 14% to $4.10 per share from the third quarter, payable on December 31, 2021.
The repurchase happens as Broadcom reported revenue of $5.407 billion in the fourth quarter of fiscal 2021, an increase of 15% from the prior year. FY21 revenues rose to $27.450 billion, up 15% from the prior year.
GAAP net income was reported at $1.986 billion, up from $1.324 billion in the comparable quarter of last year. FY21 net income was reported at $6.736 billion, up from $2.960 billion in the prior year.
Broadcom expects revenue in the first quarter of 2022 to hit $7.6 billion and adjusted EBITDA of 61.5% of revenue.
AVGO: NASDAQ is up +9.34%.
