Broadcom's fourth quarter results exceed expectations
Broadcom is expected to announce its fourth-quarter results report on Thursday, December 12. The market generally expects the company to achieve positive growth, mainly driven by the recovery of its non-artificial intelligence semiconductor business. Wall Street analysts expect Broadcom to post earnings of $1.39 per share, and revenue is expected to be $14.06 billion, an increase of 51.2% from the same period last year. Citi reiterated its "buy" rating on the company and raised its price target. JPMorgan Chase also believes Broadcom's fourth-quarter results will beat expectations. Broadcom's performance has consistently exceeded market expectations, beating revenue and earnings per share estimates 100% of the time in the past two years. An artificial intelligence-centric strategy has paid off for Broadcom this year, with its shares up more than 58% year-to-date, outperforming the S&P 500, which rose 26%.