Broadcom says it will sell $12 billion in AI parts and custom chips this year
Broadcom CEO Hock Tan said in a statement that the company expects to record $12 billion in sales from AI parts and custom chips in fiscal 2024.
Broadcom reported fiscal third-quarter results on Thursday that beat Wall Street expectations for revenue and earnings.
Broadcom shares fell 7% in extended trading after guidance was in-line with expectations.
Here is how the chipmaking conglomerate did versus LSEG consensus estimates for the quarter that ended Aug. 4:
Earnings per share: $1.24 adjusted vs. $1.20 expected
Revenue: $13.07 billion vs. $12.97 billion expected
Broadcom projects current-quarter revenue of $14 billion, versus $1.36 per share on $14.04 billion expected.