Broadcom reports 4% rise in revenue at $5.74B in Q2

Thursday, 04. June 2020 22:22

Broadcom Inc. announced on Thursday its revenue in the fiscal second quarter of 2020 landed at $5.74 billion, marking an increase of 4% on the year. In the same update, the company noted its net income amounted to $563 million, down from the $691 million reported in the quarter a year ago. Earnings per share declined to $1.17 during the same period.

"Second quarter results were in-line with our expectations, and saw limited impact from the effects of COVID-19. Looking ahead, our third-quarter guidance for semiconductors reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless," Broadcom Chief Executive Hock Tan said in a press release.

Shares of Broadcom fell 2.88% to $308.89 per share in after-hours trading.

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Breaking the News / JC