Broadcom's 2022 revenue reached new record level
Broadcom reported revenue growth of 21% during its fourth fiscal quarter of 2022, the company also closed the year with a record USD 33.2 billion in revenue for the full fiscal year.
Broadcom reported net revenues of USD 8.93 billion during the fourth quarter of 2022, up 21% from USD 7.40 billion during the same quarter in 2021. Net income for the fourth quarter of 2022 amounted to USD 3.35 billion, up from USD 1.98 billion during the same period last year.
"Broadcom's fiscal year 2022 revenue grew 21% year-over-year to a record $33.2 billion, as a result of strong demand from hyperscale, service providers, and enterprise," says Hock Tan, President and CEO of Broadcom in the company’s fiscal report.. "This growth was driven by our strong partnerships with customers and accelerated adoption of our next generation technologies. As we look into fiscal 2023, our increased R&D investments during the preceding years position us to extend our leadership in next generation products within the end markets we address."
For the first quarter of 2023, the company is targeting revenue of USD 8.9 billion, an increase of 16% compared to the same period in 2022.