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Broadcom(BRCM)Company Profile: Irvine, Calif.-based Broadcom is a provider of semiconductors for wired and wireless communications.
Broadcom raised its dividend by a penny per share to 9 cents. It will be paid on March 7 to holders of Class A and Class B common shares on Feb. 18, bringing Broadcom's yield to around 0.8%.
The company also announced a $300 million share-repurchase plan as it beat expectations with record fourth-quarter results.
Broadcom's revenue came in 45.5% higher at $1.95 billion
; adjusted profits spiked 27.1% to 75 cents per share.
"Our record results, powerful balance sheet and strong operating cash flow enable us to increase our dividend by 12.5% and accelerate share repurchases," Broadcom CEO Scott McGregor said in a statement.
Broadcom's results came hot on the heels of strong results from rival
Qualcomm(QCOM), which has been reaping the benefits of
strong smartphone sales
. Both chipmakers provide yet more evidence of a robust IT spending environment.