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 third fiscal quarter results on Thursday that beat Wall Street expectations for revenue and earnings.
Broadcom stock is up 75% in the past year as investors have come to appreciate that the company produces several parts that are required or can be used to create infrastructure for AI. Broadcom expects current-quarter revenue of $14 billion, versus $1.36 per share on $14.04 billion expected.Broadcom reported a net loss of $1.88 billion, or a loss of forty cents per share, versus net income in the year-ago quarter of $6.12 billion, or $1.24 per share.The company said the net loss for the third quarter includes a one-time tax provision of $4.5 billion related to trading intellectual property rights from one company segment to another based in the U.S.
Broadcom stock is up 75% in the past year as investors have come to appreciate that the company produces several parts that are required for big data centers or can be used to create infrastructure for artificial intelligence. For example, Broadcom works on Google's TPU chip, which Apple used to "Broadcom's third quarter results reflect continued strength in our AI semiconductor solutions and VMware," Tan said in a statement. The company reported $7.27 billion in semiconductor sales during the quarter, up 5% annually. It's still larger than Broadcom's infrastructure software segment, which reported $5.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Broadcom’s Hock Tan Declares ‘The Future Is Private’ At VMware ExplorePatrick was ranked the 1 analyst out of 8,000 in the ARInsights Power 100 rankings and the 1 most cited analyst as ranked by Apollo Research. Patrick founded Moor Insights & Strategy based on in his real-world world technology experiences with the understanding of what he wasn’t getting from analysts and consultants.
Read more »
Anti-Trump group pours nearly $12 million into presidential racePolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
This Game-Changing Body Lotion Delivers Results for Just $12Looking to reduce the appearance of wrinkles and crepe skin? Gold Bond's Age Renew Crepe Correction Lotion delivers results for just $11.
Read more »
SSAB announces $12 million expansion at Mobile facilityOfficials with the steel company said the investment aims at increasing production.
Read more »
NFL owners vote in favor of private equity investment; select firms commit $12 billionThe NFL is the last major sports league to allow private equity investment as rising valuations make it harder for owners to buy in.
Read more »
Stunning video reveals what proposed $12 billion NYC casino would look likeAI animation gives a glimpse into the $12 billion casino project headed for Hudson Yards
Read more »