Broadcom reported third-quarter results on Thursday that beat Wall Street's sales and profit expectations. Broadcom shares fell 7% in after-hours trading after market expectations fell short of expectations. Here's how the chipmaker group performed compared to LSEG's consensus estimate for the quarter ended Aug. 4: Earnings per share: adjusted $1.24, vs. $1.20 expected Revenue: $13.7 billion (compared to a year ago) Expected: $12.97 billion Broadcom expects revenue of $14 billion for the quarter, compared with earnings per share of $1.36 compared with the expected $14.04 billion. Broadcom reported a net loss of $1.88 billion, or 40 cents a share, compared with net income of $6.12 billion, or $1.24 a share, in the year-ago quarter. The company said its third-quarter net loss included a one-time tax provision of $4.5 billion related to the transfer of intellectual property rights from one corporate segment to another U.S.-based segment as part of supply chain management. Broadcom shares have risen 75% over the past year as investors realize the company makes parts needed for large data centers and some components that can be used to build artificial intelligence infrastructure. For example, Broadcom is working on Google's TPU chips, which Apple uses to train some of its AI capabilities. Broadcom CEO Hock Tan said in a statement that the company expects revenue from AI parts and custom chips to reach $12 billion in fiscal 2024, up from the previous guidance of $11 billion. “Broadcom’s third quarter results reflect continued strength in our AI semiconductor solutions and VMware,” Tan said in a statement. The company reported $7.27 billion in semiconductor sales during the quarter, up 5% annually. It is still larger than Broadcom’s infrastructure software segment, which reported $5.8 billion in sales, much of which is from the company’s VMware acquisition.