💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

Broadcom lifts annual AI revenue outlook after Q3 results beat estimates

Published 2024-09-05, 04:24 p/m
© Reuters
AVGO
-

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.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.