Chip giant Broadcom beat expectations
Photo: Evan Vucci/AP/TT

Chip giant Broadcom beat expectations in quarterly report

Chip giant Broadcom - the world's ninth-most-valuable publicly traded company - beat expectations in its quarterly report on Wednesday evening.

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Earnings per share during the quarter were $2.05, compared with $2.03 that analysts expected on average, according to research firm LSEG, CNBC reports.

Revenue was $19.31 billion, while analysts expected $19.18 billion on average.

Compared to the same quarter a year earlier, AI-related revenue rose 106 percent, to $8.4 billion.

According to a statement from the company, the current quarter is expected to end with sales rising to $22.0 billion, a forecast that is higher than the expected $20.56 billion.

Barely an hour after the report was released, Broadcom's stock rose 0.6 percent in after-hours trading on the New York Stock Exchange.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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