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Broadcom Cuts Revenue Guidance on Expected Weak Chip Demand

Sneha Nahata
Broadcom Cuts Revenue Guidance on Expected Weak Chip Demand

Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.