Broadcom's full-year forecast fails to impress Wall Street, shares down
FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake
- Broadcom Inc forecast full-year 2020 revenue above Wall Street estimates on Thursday, as the company expects strong demand for its chips from rising 5G adoption. The company expects full-year revenue to be about $25 billion, plus or minus $500 million, beating analysts’ estimate of $23.79 billion, according to IBES data from Refinitiv.
Net income attributable to common stock fell to $818 million, or $1.97 per share, in the fourth quarter ended Nov. 3, from $1.12 billion, or $2.64 per share, a year earlier.Reporting by Ayanti Bera in Bengaluru
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