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Broadcom sinks 14% after AI outlook disappoints
Broadcom fell more than 14% on June 5 after reporting quarterly results that missed Wall Street estimates.
The company also reiterated, rather than raising, its fiscal 2027 AI revenue target of US$100 billion. If the losses were sustained, the drop would wipe more than US$315 billion from the company’s market value.
For its fiscal second quarter, Broadcom reported revenue of US$22.19 billion. It forecast current-quarter AI chip revenue of US$16 billion, slightly below analysts’ expectations.
The earnings report also weighed on other chip stocks. Several semiconductor stocks also fell following the results, including Marvell, AMD, Intel, Micron, and Qualcomm.
Hargreaves Lansdown analyst Matt Britzman said the reaction showed investors had “very high expectations” and had been looking for “perfection.”
🔗 Source: Reuters
