Broadcom lifts annual AI revenue outlook after Q3 results beat estimates
Trending Articles- Bitcoin Returns to $79,000 Level. Prediction Markets Bullish on Breaking $80,000 in April
- Gold holds steady near $4,600 as Fed rate decision looms
- Fed FOMC Meeting Is Approaching: Where Is the Focus? Will There Be More Rate Cuts This Year?
- Goldman Sachs: Structurally Bullish on Gold to $5,400, But Warns of Short-Term Pullback
- Today’s Market Recap: Fed Dissent and AI Capex Surges Define Volatile Earnings Week
- WTI sticks to modest gains above $94.00 as Hormuz standoff fuels supply concerns
Investing.com - Broadcom on Thursday lifted its guidance on annual artificial intelligence revenue after reporting third-quarter results that beat analysts' forecasts supported by strength in an AI-product revenue and strong performance from VMWare.
The company said it expects revenue from AI to be $12B for fiscal year 2024 from a prior guidance of $11B.
Broadcom announced adjusted earnings per share of $1.24 on revenue of $13.07 billion. Analysts polled by Investing.com anticipated EPS of $1.21 on revenue of $12.97B.
"Broadcom's third quarter results reflect continued strength in our AI semiconductor solutions and VMware (NYSE:VMW)," the company said.
Looking ahead, the company expects fiscal Q4 revenue of about $14B and adjusted EBITDA of approximately 64% of projected revenue.
Broadcom Inc (NASDAQ:AVGO) fell more than 3% in afterhours trading following the report.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
