) earnings are in focus. The chip company posted better-than-expected Q3 results, but its fourth quarter guidance was disappointing. Mizuho Americas tech, media, and telecom desk-based analyst Jordan Klein says the results were"just not enough.") stock plummeted after its guidance disappointed. CEO Jay Chaudhry joins the show to defend his company's outlook, saying"We have a lot of opportunity in front of us.
Yeah, I think that that's kind of what we're learning and seeing more of, uh, throughout this recent earnings season. I'm just curious to get your take on, on co hock tan, what you make of, of his leadership, his strategy, his execution.Well, I would, I would say he's best in class, you know, outside of Jensen at NVIDIA and Lisa Sue at A MD.Um He is a, he's delivered execution year after year consistently.
Yeah, I was gonna say Jordan, do you think there's anything strategically that he can be doing differently or is this just a matter of some of their end markets are just not great right now?Um He's gonna talk a lot about strength in the software business from VM Ware. But if he signals anything like we're close to signing something or working with others and just be patient, then I think that investors would buy this weakness quickly.
So overall from a headline perspective, a weak reading today, what I took away from the report that was actually from my conversation with ad PS chief economist Neil Richardson.Yes, you look at this and you see some weakness but there are signs of strength within this labor market that say maybe, ok, we're, we're seeing less churn, we're seeing less people switching over jobs but people aren't losing jobs.
So, really what I have here is it's basic, Josh, these are the numbers that everyone will say we either beat or miss tomorrow morning.Then the team over at Goldman Sachs highlighted with this unemployment rate.If we see it come down to 4.2 then maybe you get a 25 basis point cut.But really the unemployment rate is what a lot of people are watching here because consensus expects it to fall.And if that doesn't happen, I think that might be the most concerning part.
In fact, we stated during the earnings was we expect to cross $3 billion in annual record revenue this year. We're taking our sales organization to the next level where we can go from $2.5 billion to $5 billion.We have great and happy customers and I think we are well positioned to provide some greater returns to our investors.Uh There's Palo Alto, I recently spoke to Shlomo Kramer uh over cato networks.We haven't seen a lot of change in the competitive landscape.
But there's something else that I noticed when I was just looking at the plain old vanilla unemployment rate going all the way back to 1950 the shaded areas here, our recessions and the unemployment rate right now at 4.3% or perhaps at 4.2% tomorrow is much, much lower than at other periods where we have entered a recession.
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