Broadcom Boosts AI Revenue Guidance, Beats Analysts' Expectations - Investing.com
Investing.com's top financial market analyst reports on Broadcom's impressive third-quarter results, with AI-product revenue driving growth and strong performance from VMWare. Broadcom raises annual AI revenue guidance to $12B for fiscal year 2024, up from previous estimates of $11B.
Broadcom reported earnings per share of $1.24 on revenue of $13.07 billion, surpassing analysts' forecasts of $1.21 EPS on revenue of $12.97B. The company attributes its success to the continued strength of its AI semiconductor solutions and VMWare.
Looking forward, Broadcom anticipates fiscal Q4 revenue of approximately $14B and adjusted EBITDA of around 64% of projected revenue. Despite the positive news, Broadcom Inc (NASDAQ:) saw a more than 3% drop in afterhours trading following the report.
In conclusion, Broadcom's strong performance in the AI sector and partnership with VMWare have positioned the company for continued growth and success. Investors should take note of Broadcom's promising outlook and consider adding it to their investment portfolios for potential long-term gains.