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Broadcom (NASDAQ:AVGO) share 2.9% drop Shares rose in after-hours trading Thursday after the semiconductor giant gave a weaker-than-expected fiscal year 2024 sales outlook.
Turning to the fiscal year, Broadcom reaffirmed its previous revenue guidance of $50 billion, which was lower than the $50.2 billion that analysts had expected.Also The company reaffirmed its previous guidance for EBITDA of $30 billion.
For the quarter ended Feb. 4, Broadcom earned $10.99 per share, excluding one-time items, on revenue of $11.96 billion, an increase of 34.2% from a year ago. Excluding the contribution from VMware, revenue increased 11% year over year.
“Strong demand for our networking products in AI data centers and custom AI accelerators in hyperscalers is driving growth in our semiconductor division,” said Hock Tan, President and CEO of Broadcom. “There is,” he said.
Analyst consensus had expected the company to report revenue of $11.72 billion and earnings per share of $10.42.
The company’s board of directors also announced that a quarterly dividend of $5.25 per share will be paid to shareholders on March 29, based on records as of March 21.
Broadcom will hold a conference call at 5:15 p.m. ET to discuss the results.
