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Broadcom’s stock drops 5% as weak guidance overshadows earnings beat
- On Sept 2, Broadcom shares dropped 5% in extended trading after the chipmaker issued fourth-quarter revenue guidance below Wall Street expectations.
- Broadcom CEO Hock Tan touted the custom Jalapeno chip developed with OpenAI, while Apple increased spending with the company, pushing market cap to about $1.8 trillion.
- The company reported adjusted earnings per share of $3.32 against $3.24 expected, while revenue of $29.59 billion beat the $29.36 billion anticipated by Wall Street analysts.
- For the fourth quarter, Broadcom expects revenue of $34.8 billion, missing the LSEG analyst consensus of $35.03 billion and signaling intensifying competition ahead.
- Broadcom shares have gained about 6% this year as of the close on Sept 2, though the stock has lagged broader market indexes which rose 12% in the same period.
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14 Articles
14 Articles
Chip stocks showing some optimism ahead of Broadcom's earnings
·New York, United States
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Channel News Asia+2 Reposted by 2 other sources
Broadcom forecasts quarterly revenue below estimates
Sept 2 : Broadcom forecast quarterly revenue below Wall Street estimates on Wednesday, signaling intense competition could hamper gains from its custom processors. The company expects fourth-quarter revenue of about $34.8 billion, compared with analysts' average estimate of $35.03 billion, according to data
·Singapore, Singapore
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Total News Sources14
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
Factuality
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