Shares of semiconductor developer Broadcom sank 14% to $411.03 and a market cap of $1.9 trillion, a day after an earnings report that disappointed investors over AI chip sales protections (Nasdaq: AVGO).
Palo Alto-based Broadcom projected AI chip sales for the third quarter at $16 billion, below analysts’ expectations of $17.2 billion.
Despite the drop, Broadcom’s results topped estimates for fiscal second-quarter earnings and revenue, while also outpacing forecasts on third-quarter guidance.
For further details, see the June 1 print edition.
