Broadcom Shares Fall 9.4% on Report
Broadcom Corp.’s stock retreated Wednesday, a day after the company announced first-quarter results that exceeded analysts’ published expectations but fell just under unofficial “whisper numbers†that some were anticipating.
The Irvine company’s shares fell 9.4%, or $14.75, to $157 in Nasdaq trading.
Broadcom, which develops high-speed communications chips, posted earnings of 18 cents a share, excluding a one-time charge for acquisition expenses. Analysts were anticipating quarterly earnings of 16 cents a share, according to a survey by First Call/Thomson Financial. But the results fell a penny below the unofficial estimates.
Both net income and sales were up sharply from results a year ago.
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