Broadcom lifts annual AI revenue outlook after Q3 results beat estimates
Trending Articles- US Treasury Department to buy back more longer-term bonds
- Gold Price Forecast: Will Gold Rise or Fall in the Short Term as Fed July Minutes Approach?
- Gold Price Forecast: US Treasury Yield Slump Pushes Gold Above $4,500, Will Gold Keep Rising?
- Australian Dollar gains as US Dollar struggles amid fading Fed rate hike bets
- Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows
- WTI rises to near $85.00 amid escalating US-Iran tensions
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.
