Broadcom lifts annual AI revenue outlook after Q3 results beat estimates
Trending Articles- Crypto Meltdown. 240,000 Liquidated, $100 Billion Wiped Off Crypto Market Cap.
- Trump’s Greenland Tariff Suspension: Crypto Prices Rebound as Investors Weigh Rally Longevity
- When is the US President Trump’s speech at WEF in Davos and how could it affect EUR/USD
- Gold nears $4,700 record as US–EU trade war fears ignite haven rush
- Gold Price Forecast: XAU/USD surges to all-time high above $4,650 amid Greenland tariff threats
- US-Europe Trade War Reignites, Bitcoin’s $90,000 Level at Risk
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.
