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Broadcom's stock price drops over 14.4% after hours, AI chip revenue forecast falls short of expectations

MeNews
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ME AI News, Broadcom (AVGO) stock price fell over 13% after hours due to its AI chip revenue forecast falling short of market expectations. The company stated that for the third fiscal quarter ending in July, AI semiconductor revenue is expected to be $16 billion, compared to the analyst average forecast of $17.2 billion. Broadcom CEO Hock Tan further pointed out that for the fiscal year ending in October, AI chip sales are projected to be $56 billion, below the previous average expectation of $57.6 billion. This indicates that the company's progress in capturing a larger share of the rapidly growing AI chip market is slower than market expectations. (Source: ODAILY)
AVGO-9.06%
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