Categories AlphaGraphs, Earnings, Technology

Broadcom delivers mixed Q2 results; slashes FY19 revenue outlook

Broadcom (Nasdaq: AVGO) surpassed Q2 earnings estimates, while it missed on revenue targets. Shares of Broadcom slumped about 7% in the after-hours as the company cut down its revenue outlook for FY19. The company reported non-GAAP earnings of $5.21 per share on revenue of $5.52 billion for the second quarter of 2019. Analysts had expected the semiconductor maker to earn $5.18 per share on revenue of $5.69 billion.

On a GAAP basis, the San Jose, California-based firm reported earnings of $1.64 per share compared to earnings of $8.33 per share in the prior-year quarter.

For the fiscal year 2019, Broadcom cut down its revenue outlook to $22.5 billion from the prior outlook of $24.5 billion.

“We currently see a broad-based slowdown in the demand environment, which we believe is driven by continued geopolitical uncertainties, as well as the effects of export restrictions on one of our largest customers. As a result, our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year,” said CEO Hock Tan.

Also Read: Global semiconductor revenues to fall this year on supply glut, China weakness

Among the peers, Analog Devices (ADI) last month reported lower earnings and revenues for its most recent quarter, hurt by muted demand in the consumer and industrial segments. Earnings decreased year-over-year to $1.36 per share on revenues of $1.53 billion. Earlier, Intel (INTC) posted flat revenues and higher earnings for the first quarter. Revenues matched the market estimates, while earnings beat.

Broadcom stock, which ended up 0.67% at $281.61 today, had advanced 11% since the beginning of 2019 and 7% in the past 52 weeks.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

ISRG Earnings: Intuitive Surgical Q2 profit jumps on strong revenue growth

Medical device company Intuitive Surgical, Inc. (NASDAQ: ISRG) announced operating results for the second quarter of 2024, reporting higher revenues and adjusted profit. Second-quarter net profit, excluding one-off items, climbed

Infographic: Halliburton (HAL) reports strong earnings growth for Q2 2024

Energy giant Halliburton Company (NYSE: HAL) Friday announced financial results for the second quarter of 2024, reporting a double-digit increase in net profit. Second-quarter revenue edged up 1% annually to

AXP Earnings: Key quarterly highlights from American Express’ Q2 2024 financial results

American Express Company (NYSE: AXP) reported its second quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, were $16.3 billion, up 8% from a year ago, driven

Add Comment
Viewing Highlight