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Broadcom shares fall as chip sales disappoint

Broadcom shares fall as chip sales disappoint

3/5/2021 1:20:00 AM

Broadcom shares fall as chip sales disappoint

Shares of Broadcom Inc fell slightly on Thursday after the company reported chip sales slightly below Wall Street estimates, joining a growing list of chip industry peers hit by the global semiconductor shortage.

Shares of the chip company, which is a major supplier to iPhone maker Apple Inc, were down 1.9% at $435 in extended trading.Broadcom forecast second-quarter revenue of about $6.5 billion, compared with analysts’ estimates of $6.33 billion, according to IBES data from Refinitiv.

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For the fiscal first quarter, Broadcom’s infrastructure software business had sales of $1.74 billion, beating Wall Street estimates of $1.64 billion, according to Refinitiv data. The strong software revenue helped overall sales rise to $6.66 billion in the fiscal first quarter from $5.86 billion a year earlier. Overall first-quarter sales beat analyst expectations of $6.62 billion, according to IBES data from Refinitiv.

Excluding items, the company earned $6.61 per share in the fiscal first quarter, beating analysts’ estimate of $6.56 per share.A ramp-up in 5G technology adoption is expected to boost demand for higher-priced chips used in phones and is likely to benefit semiconductor firms such as Broadcom.

The company, which also makes chips for data centers and servers, also stands to benefit from an extended remote working trend as people wait for vaccines to roll out.Reporting by Chavi Mehta in Bengaluru and Stephen Nellis in San Francisco; Editing by Shounak Dasgupta and Matthew Lewis

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