Broadcom increases AI revenue outlook for 2024 after exceeding Q3 expectations.

From Investing.com: 2024-09-05 16:22:22

Broadcom raised its guidance on annual artificial intelligence revenue and reported third-quarter results that surpassed expectations. The company anticipates AI revenue to reach $12B for fiscal year 2024, up from a previous estimate of $11B. Broadcom announced earnings per share of $1.24 on revenue of $13.07 billion, beating analysts’ expectations of $1.21 EPS on revenue of $12.97B. The company attributed its success to strength in AI semiconductor solutions and VMware performance. Moving forward, Broadcom expects fiscal Q4 revenue of around $14B and adjusted EBITDA of approximately 64% of projected revenue. After the report, Broadcom’s stock fell over 3% in afterhours trading.



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