Why Broadcom Stock Jumped Today
Shares of Broadcom (NASDAQ: AVGO) climbed 8.3% on Friday after the chipmaker said it would return more cash to shareholders in the year ahead.
Broadcom's revenue rose 15% year over year to $7.4 billion in its fiscal 2021 fourth quarter. Revenue in the company's semiconductor solutions and infrastructure software divisions increased 17% and 8%, respectively, to $5.6 billion and $1.8 billion.
"Broadcom concluded the year with record fourth-quarter results driven by a rebound in enterprise, and continued strength from cloud and service provider demand," CEO Hock Tan said in a press release.
Source Fool.com
