Broadcom flashes a broader economic warning rob_cyran
Broadcom reduced its estimate of 2019 revenue by $2 billion, to $22.5 billion, on June 13. In a call with analysts, Chief Executive Hock Tan blamed a “very, very sharp and rapid contraction of supply chain and orders out there from our customers, especially our global OEM customers.”In May, the U.S. Commerce Department ruled Huawei Technologies could not buy components from U.S. firms without government approval. Last year, Broadcom had about $900 million of revenue from the Chinese telecom.
Broadcom also reported that revenue rose 10% year-over-year in its fiscal second quarter ended May 5, to $5.5 billion. That fell short of analysts’ estimate of $5.7 billion, according to Refinitiv data. Earnings rose 47%, to $691 million.
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