Broadcom reported third-quarter results on Thursday that exceeded Wall Street expectations for revenue and earnings.

Broadcom shares fell 5% in extended trading.

Here’s how the chipmaker group performed compared to LSEG consensus estimates for the quarter ending August 4:

• Earnings per share: $1.24 adjusted vs. $1.20 expected
• revenue: $13.07 billion versus $12.97 billion expected

Broadcom forecasts revenue of $14 billion for the current quarter, up from $1.36 per share on an expected $14.04 billion.

Broadcom reported a net loss of $1.88 billion, or 40 cents per share, compared with year-ago quarter net income of $6.12 billion, or $1.24 per share.

The company said its third-quarter net loss included a one-time tax provision of $4.5 billion related to the trading of intellectual property rights from one business segment to another based in the United States as part of supply chain management.

Broadcom stock has risen 75% in the past year as investors have realized that the company makes several parts that are needed for large data centers or can be used to create artificial intelligence infrastructure. For example, Broadcom is working on Google’s TPU chip, which Apple has used to train some of its AI features.

Broadcom CEO Hock Tan said in a statement that the company expects to generate $12 billion in revenue from AI parts and custom chips in fiscal 2024.

“Broadcom’s third-quarter results reflect continued strength in our AI semiconductor solutions and VMware,” Tan said in a statement. The company reported semiconductor revenue of $7.27 billion in the quarter, up 5% year-over-year. It’s still larger than Broadcom’s infrastructure software segment, which reported revenue of $5.8 billion, much of which came from the company’s VMware acquisition.