Broadcom Stock Falters After Company Reports Loss, Disappointing Revenue Outlook

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Broadcom Stock Falters After Company Reports Loss, Disappointing Revenue

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Investopedia / Photo Illustration by Alice Morgan / Getty Images

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Investopedia / Photo Illustration by Alice Morgan / Getty Images

Key Takeaways

Broadcom posted a loss in its fiscal third quarter, primarily due to acquisition-related amortization costs.

The company is continuing to integrate the software firm VMWare, which it acquired in November.

The company’s fiscal fourth-quarter guidance came up just short of analysts’ expectations.

Broadcom (AVGO) shares fell after the closing bell Thursday, sliding following quarterly results that swung to a loss due to increased merger-related expenses.

The semiconductor manufacturing company posted a net loss of $1.875 billion, compared to a profit of $3.3 billion in the year-ago quarter. Adjusting for $1.5 billion in

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of acquisition-related intangible assets and other restructuring costs, Broadcom’s earnings were $1.24 per share.

The company projected fiscal fourth-quarter revenue of $14 billion, which fell slightly short of the analyst consensus. CEO Hock Tan said the company expected full-year AI revenue to be $12 billion, “driven by ethernet networking and custom accelerators for AI data centers,”

Broadcom

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in November 2023. “Broadcom’s third quarter results reflect continued strength in our [

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] semiconductor solutions and VMware,” said Tan.

Shares of Broadcom slipped more than 6% in after-hours trading. They’ve risen substantially this year, climbing some 40%.

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#Broadcom #Stock #Falters #Company #Reports #Loss #Disappointing #Revenue #

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