real-time news and commentary for investors
Tuesday, Oct 22
Broadcom Q4 guidance light, up to 1,150 jobs getting cut; shares -6% AH
- Though Broadcom's (BRCM) Q3 results beat estimates, the chipmaker is guiding for Q4 revenue of $1.975B (+/- 3%), below a consensus of $2.13B. Moreover, gross margin is expected to drop 50-100 bps from Q3's 53.6% (+150 bps Q/Q and +130 bps Y/Y).
- No explanation is given for the revenue shortfall.
- Broadcom also says it's cutting up to 1,150 jobs (inc. some acquired through the Renesas deal). The company expects to record $32M in restructuring costs this year.
- CC at 4:45PM ET. Q3 results, PR.