Broadcom shares moved lower on Thursday after the company lowered revenue guidance for the year.
The company pointed to "effects of export restrictions on one of our largest customers," presumably Huawei.Shares of chipmaker
fell more than 7% on Thursday after the company reported lower-than-expected revenue for the second quarter of its 2019 fiscal year, which ended on May 5, and lowered its revenue guidance.$5.21 per share, excluding certain items, vs. $5.16 per share as expected by analysts, according to Refinitiv.Broadcom's revenue grew 10% year over year in the quarter, according to aBroadcom's biggest business segment, semiconductor solutions, produced $4.09 billion in revenue, below the $4.
Broadcom lowered its guidance for the full 2019 fiscal year, saying it now expects to achieve $22.50 billion in revenue in that period. The consensus among analysts polled by Refinitiv was $24.31 billion in revenue for the 2019 fiscal year.
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