Broadcom Raises Annual AI Revenue Outlook After Q3 Results Beat Investing.com Estimates

Investing.com – Broadcom raised its full-year artificial intelligence revenue guidance on Thursday after reporting third-quarter results that beat analysts’ estimates, supported by revenue strength from its AI products and strong performance from VMWare.

The company said it expects AI revenue to be $12 billion for fiscal 2024, up from a previous guidance of $11 billion.

Broadcom announced $1.24 on revenue of $13.07 billion. Analysts polled by Investing.com had expected EPS of $1.21 on revenue of $12.97 billion.

“Broadcom’s third quarter results reflect the continued strength of our AI semiconductor solutions and VMware (NYSE:),” the company said.

Looking ahead, the company expects fiscal Q4 revenue of approximately $14 billion and adjusted EBITDA of approximately 64% of estimated revenue.

Broadcom Inc (NASDAQ: ) fell more than 3% in afterhours trading following the report.