Broadcom lifts annual AI revenue outlook after Q3 results beat estimates

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.

 

 

Source: Investing.com