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Broadcom Inc.
AVGO, + 0.67%
Shares fell more than 6% during the broad session on Thursday after the company missed revenue forecasts and released lower-than-expected forecasts. The company reported second-quarter net income of $ 691 million, or $ 1.64 per share, compared to $ 3.72 billion or $ 8.33 per share for the same period last year, which included a $ 2.64 billion tax saving. Adjusted earnings were $ 5.21 per share. Revenues reached $ 5.52 billion, up from $ 5.01 billion a year ago. Analysts surveyed by FactSet were counting on adjusted earnings of $ 5.19 per share and income of $ 5.68 billion. For the third quarter of the year, analysts model adjusted earnings of $ 5.69 per share for sales of $ 6.12 billion. Broadcom said it expects a turnover of $ 22.5 billion for the 2019 fiscal year. Broadcom's share price has risen 6.8% over the past year , with the S & P 500 index
SPX, + 0.41%
up 3.8%.
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