RTTNews | Dec 9, 2021 04:34PM EST

16:34 Thursday, December 9, 2021 (RTTNews.com) - Shares of Broadcom Inc. (AVGO) gained over 5% in extended session Thursday after the company reported its fourth-quarter results and authorized a $10 billion stock buyback.

For the fourth quarter, Broadcom reported profit of $1.91 billion or $4.45 per share, up from $1.25 billion or $2.93 per share last year. On an adjusted basis, earnings were $$3.50 billion or $7.81 per share for the period. On average, 25 analysts polled by Thomson Reuters expected earnings of $7.74 per share. Analysts' estimates typically exclude special items.

Revenues for the rose 15% to $7.41 billion from $6.47 billion last year. Analysts had a consensus revenue estimate of $7.36 billion for the quarter.

CFO Kirsten Spears said, "Consistent with our commitment to return excess cash to shareholders, we are increasing our target quarterly common stock dividend by 14 percent to $4.10 per share per quarter for fiscal year 2022, and announcing a new $10 billion share repurchase program."

Looking forward to the first quarter, the company expects revenues of $7.6 billion. Analysts had a consensus revenue estimate of $7.25 billion.

AVGO closed Thursday's trading at $583.42, down $5.14 or 0.87%, on the Nasdaq. The stock, however, gained $29.98 or 5.14% in the after-hours trading.

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