Chip stocks are tanking after ‘depressing’ Broadcom earnings in a bad sign for market

Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.9% and was headed for its biggest decline in about a month. Broadcom’s revenue for the fiscal second quarter came in Thursday evening at $5.52 billion vs. the $5.68 billion expected by analysts polled by Refinitiv. The chipmaker also said it now exp


Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.9% and was headed for its biggest decline in about a month. Broadcom’s revenue for the fiscal second quarter came in Thursday evening at $5.52 billion vs. the $5.68 billion expected by analysts polled by Refinitiv. The chipmaker also said it now exp
Chip stocks are tanking after ‘depressing’ Broadcom earnings in a bad sign for market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: john melloy
Keywords: news, cnbc, companies, customers, chip, broadbased, slowdown, market, billion, polled, broadcom, bad, demand, fiscal, tanking, sign, chipmaker, earnings, revenue, depressing, stocks


Chip stocks are tanking after 'depressing' Broadcom earnings in a bad sign for market

Broadcom led a plunge in chip stocks Friday after the chipmaker missed revenue expectations and lowered guidance for 2019 citing a “broad-based” slowdown in demand and the U.S. crackdown on Huawei.

Broadcom shares lost more than 9% in premarket trading Friday. Skyworks, Xilinx, Micron, Advanced Micro Devices, Nvidia and Qualcomm all followed suit with losses greater than 3%. Intel was down more than 2%. The VanEck Vectors Semiconductor ETF (SMH) dropped 2.9% and was headed for its biggest decline in about a month.

Broadcom’s revenue for the fiscal second quarter came in Thursday evening at $5.52 billion vs. the $5.68 billion expected by analysts polled by Refinitiv. The chipmaker also said it now expects $22.60 billion in revenue for fiscal 2019, well bellow the $24.31 billion seen by analysts polled by Refnitiv.

“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,” Broadcom CEO Hock Tan said in a statement. “As a result, our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year.”


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: john melloy
Keywords: news, cnbc, companies, customers, chip, broadbased, slowdown, market, billion, polled, broadcom, bad, demand, fiscal, tanking, sign, chipmaker, earnings, revenue, depressing, stocks


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Leave a Reply

Your email address will not be published. Required fields are marked *