trending Market Intelligence /marketintelligence/en/news-insights/trending/U7KQCfcAMJuQ6cQ6bCO5vA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Broadcom fiscal Q1 earnings falls short of analysts' estimates

The Evolution Of ESG Factors In Credit Risk Assessment: Corporate Governance

Industry Top Trends 2021: Metals and Mining

TMT News & Research: 2020 Recap


Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

Broadcom fiscal Q1 earnings falls short of analysts' estimates

Broadcom Inc. earnings fell short of analysts' estimates as the company's semiconductor revenue declined on a yearly basis while software revenue shot up in the wake of an acquisition.

Revenue for the first fiscal quarter of 2019 was $5.79 billion, up 9% year over year but a bit short of consensus expectations of $5.83 billion, according to data compiled by S&P Global Market Intelligence.

On a GAAP basis, net income attributable to common stock during the period, which ended Feb. 3, was $471 million, declining from $6.23 billion in the year-ago quarter. Net income was impacted by discontinued operations, Broadcom said in a statement. Analysts had expected net income of $791.4 million.

GAAP EPS was $1.12, below analyst expectations of $1.81.

The quarter included restructuring, impairment and disposal charges of $573 million. The company spent $3.5 billion on share repurchases during the period.

Broadcom's semiconductor revenue in the first quarter was $4.37 billion, declining from $4.96 billion in the year-ago quarter. Software was a bright side for the company, with quarterly revenue reaching $1.4 billion, growing from $328 million a year earlier. The software revenue includes integration of operations of CA Inc., which Broadcom acquired in November 2018.

For the full fiscal year of 2019, Broadcom expects revenue of $24.50 billion.

The company said its board approved a quarterly cash dividend of $2.65 per share, payable March 29 to stockholders of record as of 5 p.m. ET on March 21.

Shares of Broadcom were up in after-hours trading following the earnings release.