Analyst: Broadcom earnings 'just not enough'
Broadcom shares moved lower in after-hours trading on Thursday. The chip giant posted fiscal third quarter results that were better than Wall Street was expecting, but its Q4 revenue guidance of $14.0 billion fell short of the expected $14.13 billion. Mizuho Americas tech, media, and telecom desk-based analyst Jordan Klein characterized the outlook as being "just not enough." "They beat this quarter's revenue, but the upside was all their software business. It was not the semiconductor business and that's going to be a disappointment," he says. On the broader chip space, Klein argues that this earnings season has shown that outside of the AI-related products, "the broader trends in semis have not been great and, if anything, in areas like industrials and autos, they're weakening. Memory has slowed a bit from being white-hot earlier in the year." He adds that Broadcom's results are "showing investors you're not getting the kind of upside that would drive more money into the sector," and that there may be better opportunities in other areas of the market. Watch the video above to hear what Klein has to say about what the guidance miss may mean for chip stocks going forward.
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