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Broadcom reported fourth-quarter results that beat expectations for earnings and revenue, and issued a strong forecast for the current quarter, driven by artificial intelligence demand.

The stock initially rose in extended trading before declining more than 2%.

Here's how the company did, compared with estimates from analysts polled by LSEG:

Earnings per share: $1.95 adjusted vs. $1.86 estimated

Revenue: $18.02 billion vs. $17.49 billion estimated

Broadcom said revenue in the fiscal first quarter will be about $19.1 billion, which would represent 28% year-over-year growth, and is higher than the $18.3 billion average analyst estimate, according to LSEG.

CEO Hock Tan said in a statement that Broadc

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