Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Broadcom delivers upbeat guidance as Q3 results top estimates amid AI-led demand

AuthorYasin Ebrahim
Published 08/31/2023, 04:41 PM
Updated 08/31/2023, 04:54 PM
© Reuters

Investing.com -- Broadcom reported Thursday better-than-expected revenue guidance for current quarter and third-quarter results that beat analysts' forecasts as the chipmaker expects AI-related spending on infrastructure software and semiconductors to boost demand. 

Broadcom Inc (NASDAQ:AVGO) shares fell 3.3% in after-hours trading following the report. The stock had ended regular session, notching a 52-week high. 

Broadcom reported earnings per share of $10.54 on revenue of $8.88 billion. Analysts polled by Investing.com anticipated EPS of $10.43 on revenue of $8.85 billion.

Revenue in quarter was supported by "demand for next generation networking technologies as hyperscale customers scale out and network their AI clusters within data centers," the company said. 

Semiconductor solutions, its core business, rose 78% to $6.94B, while infrastructure software rose 22% to $1.94B.

Looking ahead to fourth quarter, revenue was expected to come in at $9.27B, up 4% from the prior year period, and in-line with Wall Street's estimates for $9.27B.

 

 

Latest comments

Haha. There are 3 different articles on Broadcom earnings stating in-line guidance, missing guidance and upbeat guidance. Choose your story)
This isn't true. Broadcom missed its earnings and will be slumping down today.
Too bad Messiah AI magic wand lost its bullish mumbo jumbo
DOES $AVGO have a $NVDA moment......... 1000 if guide is up 2b.@DivesTech
nvda gonna massacre people if $AVGO guides up by 2b
or say AI 50 times
2.7B vs 2.7B ?
Important is to give positive impression of the results
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.