Broadcom Inc. (AVGO) shares declined in the extended session Thursday after the chip maker pulled its annual guidance and forecast quarterly revenue below Wall Street expectations. Broadcom shares declined 1.5% after hours, following an 11% drop in the regular session to close at $218.78. Broadcom said it was pulling its annual revenue guidance of $24.5 billion to $25.5 billion because of the COVID-19 coronavirus and said it expects fiscal second-quarter revenue of $5.55 billion to $5.85 billion. Analysts surveyed by FactSet are forecasting second-quarter revenue of $5.95 billion. The company reported fiscal first-quarter net income of $311 million, or 74 cents a share, compared with $471 million, or $1.12 a share, in the year-ago period. Adjusted earnings were $5.25 a share, compared with $5.55 a share in the year-ago period. Revenue rose to $5.86 billion from $5.79 billion in the year-ago quarter. Analysts had forecast earnings of $5.33 a share on revenue of $5.99 billion.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 12, 2020 16:29 ET (20:29 GMT)
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