Broadcom on Thursday reported better-than-expected fourth quarter financial results despite softened demand among enterprises.
Broadcom's Q4 non-GAAP diluted earnings per share came to $6.35 on revenue of $6.47 billion, an increase of 12% from a year ago. Analysts were looking for earnings of $6.25 per share on revenue of $6.43 billion.
Broadcom CEO Hock Tan said demand for the company's networking and wireless products helped offset slower growth from enterprise customers.
"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," Tan said in prepared remarks. "Our infrastructure software segment continued to be stable and delivered solid results."
For fiscal 2020, Broadcom reported revenue of $23.8 billion, up 6% from the previous year, with net income of $2.96 billion.
By unit, Broadcom's semiconductor business in Q4 brought in $4.83 billion in revenue and infrastructure software revenue came to $1.64 billion.
Broadcom said it is expecting Q1 2021 revenue of $6.6 billion, slightly above analyst estimates. Shares of Broadcom were down around 2% after hours.