Stock Market News
Broadcom forecasts fourth-quarter revenue below Wall Street expectations
2023.08.31 16:32
© Reuters. The Broadcom Limited company logo is shown outside one of their office complexes in Irvine, California, U.S., March 4, 2021. REUTERS/Mike Blake
(Reuters) – Broadcom (NASDAQ:) forecast fourth-quarter revenue below Wall Street estimates on Thursday, on worries bleak enterprise spending and stiff competition in the networking chip space will outweigh benefits from a boom in artificial intelligence-led demand.
The chip company expects current-quarter revenue to be about $9.27 billion. Analysts on average expect revenue to be $9.28 billion, according to Refinitiv data.
(This story has been corrected to say that the company forecast revenue below, not above expectations, in the headline and paragraph 1)
