Broadcom (NASDAQ: AVGO) shares were trading around 4% higher after-hours following the company’s reported Q1 results, with EPS of $8.39 coming in better than the consensus estimate of $8.08. Revenue grew 16% year-over-year to a record $7.7 billion, compared to the consensus estimate of $7.6 billion.

According to Hock Tan, President and CEO of Broadcom Inc., the results were driven by strong enterprise demand and ongoing investments in next-generation technology by hyperscale and service providers.

The company provided its outlook for Q2/22, expecting revenue of $7.9 billion, compared to the consensus estimate of $7.43 billion, and Adjusted EBITDA of approximately 62.5% of projected revenue.

The company returned $4.5 billion to shareholders in Q4, out of which $1.8 billion in a form of cash dividends and $2.7 billion in a form of share repurchases.

The company’s Board of Directors approved a quarterly cash dividend of $4.10 per share on its common stock and $20,00 per share on its 8.00% Mandatory Convertible Preferred Stock, Series A, both payable on March 31, 2022.