Broadcom shares moved lower on Thursday after the company lowered revenue guidance for the year.
The company pointed to "effects of export restrictions on one of our largest customers," presumably Huawei.Shares of chipmaker
fell more than 7% on Thursday after the company reported lower-than-expected revenue for the second quarter of its 2019 fiscal year, which ended on May 5, and lowered its revenue guidance.$5.21 per share, excluding certain items, vs. $5.16 per share as expected by analysts, according to Refinitiv.Broadcom's revenue grew 10% year over year in the quarter, according to aBroadcom's biggest business segment, semiconductor solutions, produced $4.09 billion in revenue, below the $4.
Broadcom lowered its guidance for the full 2019 fiscal year, saying it now expects to achieve $22.50 billion in revenue in that period. The consensus among analysts polled by Refinitiv was $24.31 billion in revenue for the 2019 fiscal year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo sees net interest income at low end of guidanceWells Fargo & Co's annual net interest income will likely come in at the lo...
Read more »
Tinashe Puts Her Own Spin on Drake & Chris Brown's 'No Guidance': Listen
Read more »
U.S. Budget Gap Balloons to $739 Billion Despite Tariff RevenueThe shortfall was 38.8% more than the same period a year ago, the Treasury Department said in its monthly budget review released on Wednesday. As Trump ratcheted up the trade war with China with higher levies on imports from the Asian nation, the U.S. recorded $4.9 billion in customs duties in May,
Read more »
Colorado's booming marijuana industry reaches major new revenue milestoneSince legalization, Colorado's retail marijuana sector has grown strongly and is pouring more money than ever into the state's public services. Here's how it's spent.
Read more »
Weed revenue in Colorado tops $1 billionColorado has generated more than $1 billion by selling marijuana. Since then, total sales have exceeded $6.56 billion, according to the state's department of revenue. 'Today's report continues to show that Colorado's cannabis industry is thriving, but we can't rest on our laurels
Read more »
NMPA Announces 11.8% Member Revenue Growth to $3.3B at Annual MeetingThe National Music Publishers Association annual member survey found that its U.S. publisher members had revenue of $3.3 billion -- up 11.8% growth from last year’s $2.957 billion -- according to NMPA president and CEO David Israelite.
Read more »