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Broadcom Earnings Edge Estimates. The Stock Slips.

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The chip maker sees promise in the artificial intelligence trend.

Broadcom shares are losing ground in late trading Thursday after the semiconductor and software company posted financial results that were a hair better than Street expectations.

“Broadcom’s third quarter results were driven by demand for next generation networking technologies as hyperscale customers scale out and network their AI clusters within data centers,” CEO Hock Tan said in a statement. “Our fourth-quarter outlook projects year-over-year growth, reflecting continued leadership in networking for generative AI.”

Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, was $5.8 billion, up 8% from a year earlier. Broadcom said free cash flow in the quarter was $4.6 billion, up 7% from a year earlier. The company repurchased $2.2 billion of common stock in the quarter.

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