Broadcom +2.8% AH; gross margin better than expected

• Broadcom (BRCM) expects Q3 revenue of $2.1B-$2.25B, in-line with a $2.19B consensus.
• Q2 product gross margin was 55%, +280 bps Q/Q and +290 bps Y/Y, and above guidance of 53.95%-54.95%.
• Q3 product GM is expected to be at 55% (+/- 75 bps), and opex is expected to decline $40M-$60M Q/Q (job cuts related to the baseband exit?).
• Q2 results, PR