Broadcom flashes a broader economic warning rob_cyran
Broadcom reduced its estimate of 2019 revenue by $2 billion, to $22.5 billion, on June 13. In a call with analysts, Chief Executive Hock Tan blamed a “very, very sharp and rapid contraction of supply chain and orders out there from our customers, especially our global OEM customers.”In May, the U.S. Commerce Department ruled Huawei Technologies could not buy components from U.S. firms without government approval. Last year, Broadcom had about $900 million of revenue from the Chinese telecom.
Broadcom also reported that revenue rose 10% year-over-year in its fiscal second quarter ended May 5, to $5.5 billion. That fell short of analysts’ estimate of $5.7 billion, according to Refinitiv data. Earnings rose 47%, to $691 million.
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.
Stock futures drop on Broadcom warning, Chinese gloomU.S. stock index futures dropped on Friday, as the long-feared hit to global gro...
Read more »
Broadcom's $2 billion warning shocks global chip sectorLONDON/BENGALURU - Broadcom Inc sent a shockwave through the global chipmaking i...
Read more »
Wall Street drops as Broadcom warning pushes chip stocks lowerU.S. stocks dropped on Friday, as shares of chipmakers sank on a warning from se...
Read more »
Broadcom's $2 billion warning rattles global chip sectorBroadcom Inc sent a shockwave through the global chipmaking industry on Friday w...
Read more »
Broadcom falls after slashing revenue guidanceBroadcom shares moved lower on Thursday after the company lowered revenue guidance for the year.
Read more »
Broadcom sees broad-based demand slowing down, shares fall 7%Broadcom Inc on Thursday cut its full-year revenue forecast, blaming a broad-bas...
Read more »