Broadcom Inc (NASDAQ:AVGO) on Wednesday reported better-than-expected financial results for the third quarter of fiscal 2026, but issued weak guidance for the fourth quarter.

Broadcom posted third-quarter revenue of $29.59 billion, beating analyst estimates of $29.36 billion. The company reported adjusted earnings of $3.32 per share for the quarter, beating estimates of $3.24 per share, according to Benzinga Pro.

"Demand for our custom AI accelerators and networking continues to be very strong. Q3 AI semiconductor revenue of $16.7 billion grew 221% year-over-year, and 54% quarter-over-quarter," said Hock Tan, president and CEO of Broadcom.

Broadcom sees fourth-quarter revenue of approximately $34.8 billion versus estimates of $35.03 billion. The soft guidance appears to be weighing on shares after hours.

Broadcom shares fell 3.1% to $355.89 in pre-market trading.

These analysts made changes to their price targets on Broadcom following earnings announcement.

  • Cantor Fitzgerald analyst C.J. Muse maintained the stock with an Overweight rating and raised the price target from $525 to $600.
  • BMO Capital analyst Harsh Kumar maintained the stock with an Outperform rating and raised the price target from $455 to $575.
  • Rosenblatt analyst Sajal Dogra maintained the stock with a Buy and raised the price target from $500 to $600.

Considering buying AVGO stock? Here’s what analysts think:

Photo via Shutterstock