Business InsiderTop News

Broadcom Earnings inline in Q2, but Warns of Supply Chain Impact in Q3

imageStock Markets6 hours ago (Jun 04, 2020 04:18PM ET)

(C) Reuters. Broadcom Earnings inline, Revenue Beats In Q2

By Yasin Ebrahim

Investing.com – Broadcom on Thursday reported fiscal second-quarter results that topped expectations, but the chipmaker warned that supply chain issues and an expected “substantial reset” in wireless would dent third-quarter growth.

Broadcom (NASDAQ:AVGO) shares lost 1.18% in after-hours trade following the report.

Broadcom expects third-quarter revenue of $5.75 billion, give or take $150 million, just below consensus of $5.78 billion in the upcoming quarter.

“Our third-quarter guidance for semiconductors reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset,” the company said.

Broadcom announced earnings per share of $5.14 on revenue of $5.74 billion. Analysts polled by Investing.com anticipated EPS of $5.14 on revenue of $5.69 billion. That compared with EPS of $5.21 on revenue of $5.52 billion in the same period a year before. Broadcom had reported EPS of $5.25 on revenue of $5.86 billion in the previous quarter.

Semiconductor solutions, its core business, fell 2% to $4.03 billion, while infrastructure software fell 21% to $1.72 billion.

Broadcom shares are down 2.11% from the beginning of the year , still down 6.70% from its 52 week high of $331.58 set on January 24. They are outperforming the S&P 500 which is down 4.09% year to date.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Broadcom Earnings inline in Q2, but Warns of Supply Chain Impact in Q3

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!