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6/13, 10:17 PM (Source: TeleTrader)
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Broadcom's revenue rises 10% to $5.5B in Q2

Broadcom Inc. said on Thursday its revenue in the second quarter of 2019 stood at $5.5 billion, 10% higher compared to the same period a year ago but below analysts' estimates.

GAAP diluted earnings per share (EPS) plunged 80% year on year to $1.64, while adjusted EPS climbed 6% to $5.21. The semiconductor maker added its net income in the three-month period amounted to $691 million, falling from $3.7 billion achieved in the same period in 2018.

"We executed according to plan in the second quarter with tailwinds from networking offsetting the anticipated headwinds from wireless," CEO Hock Tan stated. "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," he added.

Broadcom shares tumbled 6.74% in after-hours trading on worse-than-expected results.

Breaking the News / NP