Broadcom stock trimmed losses after reporting third-quarter revenue growth of 86% year over year.

Broadcom reported third-quarter revenue of $29.6 billion, which grew 86% year over year and exceeded analyst expectations of $29.45 billion. The company's adjusted earnings per share were $3.32, surpassing the $3.23 expected by Wall Street.

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AI semiconductor revenue reached $16.7 billion, representing a 221% increase year over year. CEO Hock Tan stated that demand for custom AI accelerators and networking remains very strong. Despite the revenue beat, Broadcom shares fell immediately after the results were released. The stock later trimmed its losses during after-hours trading. For the upcoming quarter, Broadcom expects revenue of $34.8 billion, which is slightly below the consensus estimate of $35.05 billion. Year-to-date, Broadcom stock has risen 6% compared to Nvidia's 20% increase.

Sources

• Yahoo Finance
  Broadcom stock wavers as chipmaker's strong results 'not enough to keep investors happy'

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Paywall and unreadable sources

• Bloomberg.com
  Broadcom Predicts Surge in AI Chip Sales Over Next Two Years
• WSJ
  Broadcom Third-Quarter Profit Soars on Growing Custom Chip Demand
• Barron's
  Broadcom’s Outlook Shows Surging AI Chip Sales
• Reuters
  Broadcom raises AI chip forecast as Big Tech keeps writing bigger checks