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Broadcom Shares Fall After Q2 Sales Miss, Guidance Cut

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Broadcom Inc (NASDAQ: AVGO) shares fell after reporting a second-quarter sales miss.

Second-quarter adjusted earnings came in at $5.21, beating estimates by 3 cents. Sales came in at $5.517 billion, missing estimates by $173 million. The company cut FY2019 sales guidance from $24.5 billion to $22.5 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," the company said in a statement.

Broadcom shares traded down 6.2 percent to $263.45 in the after-hours session. The stock closed at $281.61.

 

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