Broadcom lifts annual AI revenue outlook after Q3 results beat estimates

Investing.comSep 6, 2024 5:36 AM

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.

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