04:55 PM EDT, 09/05/2024 (MT Newswires) -- Broadcom ( AVGO ) late Thursday reported stronger-than-expected fiscal third-quarter results, buoyed by demand for artificial intelligence semiconductor solutions and the company's acquisition of VMware.

The chipmaker's adjusted earnings rose to $1.24 a share during the quarter through Aug. 4 from $1.05 a year earlier, coming in ahead of the Capital IQ-polled consensus indicating $1.21. Revenue advanced 47% to $13.07 billion, above Wall Street's $12.96 billion view.

Revenue in the semiconductor solutions segment increased 5% year-over-year to $7.27 billion, while that in the infrastructure software division tripled at $5.8 billion.

The results reflect strength in AI semiconductor solutions and multi-cloud services provider VMware, which Broadcom ( AVGO ) acquired in November, Chief Executive Hock Tan said in a statement. Excluding VMware, consolidated revenue grew 4% year-over-year, Chief Financial Officer Kirsten Spears said.

For the fiscal fourth quarter, Broadcom ( AVGO ) anticipates total revenue of $14 billion, compared with the Street's $14.04 billion estimate.

"We expect revenue from AI to be $12 billion for fiscal year 2024 driven by Ethernet networking and custom accelerators for AI data centers," Tan said.

The stock was down 4.1% in after-hours trade.

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