Free daily briefing on global business news.
The chipmaker's semiconductor solutions segment more than doubled year over year, driven by custom AI accelerator demand
Justin Sullivan / Getty Images
Broadcom $AVGO reported third-quarter revenue of $29.6 billion on Wednesday, an 86% increase from the same period a year earlier, as demand for its custom AI chips drove results to a record. The company guided fourth-quarter revenue to approximately $34.8 billion, a 93% increase from the prior year period.
Analysts had been looking for fourth-quarter revenue of $35.03 billion on average, leaving Broadcom's guidance modestly short of expectations, according to Reuters, citing data compiled by LSEG. Broadcom stock fell more than 3% in extended trading following the results.
