Broadcom warns about challenging market
The U.S. chipmaker warned of a broad slowdown in demand due to trade tensions and the U.S. ban on Chinese tech and mobile phone company Huawei.
The company’s stock fell by nearly 7% after earnings miss
Stocks impacted: Broadcom Inc.'s (AVGO)
Its earnings report suggests a second-half rebound for chips looks less likely. The company also cut its fiscal-year forecast. Broadcom reported fiscal second-quarter net income of $691 million, or $1.64 a share, compared with $3.72 billion, or $8.33 a share, in the year-ago period. Revenue rose to $5.52 billion from $5.01 billion in the year-ago period. The chipmaker said it expects full-year fiscal 2019 revenue of $22.5 billion. Broadcom shares down about 7% following earnings report in after-hours trading.
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