Broadcom forecasts quarterly revenue above estimates on strong AI chip demand
Broadcom has projected third-quarter revenue that exceeds Wall Street expectations, driven by strong demand for its AI chips. Despite this positive forecast, the company's shares fell over 2% in after-hours trading. The CEO highlighted a significant year-over-year growth in semiconductor revenue from AI, indicating the company's strong position in the evolving AI market.
- ▪Broadcom forecasts third-quarter revenue above analysts' estimates due to robust demand for custom AI chips.
- ▪The company's shares fell more than 2% in extended trading despite an 8% gain the previous week.
- ▪CEO Hock Tan expects semiconductor revenue from AI to grow over 200% year-over-year to $16.0 billion.
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