Reported about 1 month ago
Broadcom has raised its forecast for 2024 AI revenue to $12 billion, reflecting heightened demand for its networking equipment and custom chips, despite reporting a quarterly loss of $1.88 billion. The company's revenue for the third quarter reached $13.07 billion, surpassing estimates, while also noting increased orders for its chips used in data operations, driven by the growing AI sector. However, the company faces tough competition from Nvidia in the market.
Source: YAHOO