Broadcom Shares Drop 14% on Missed AI Chip Guidance Despite Earnings Beat
Despite beating earnings expectations with $22.19 billion in revenue and raising guidance for current-quarter total sales, Broadcom's shares fell sharply due to a below-estimate Q3 AI chip outlook of $16 billion versus the expected $17.2 billion. The decline dragged down AMD (-4%) and Intel (-3%), even though neither had company-specific news.
Topics: AI chips Broadcom guidance miss earnings report semiconductors