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APPLE INC.

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Broadcom's revenue forecast disappoints on possible Apple iPhone delay

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06/04/2020 | 08:26pm EDT
FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California

By Ayanti Bera and Stephen Nellis

Broadcom Inc on Thursday forecast current-quarter revenue with a midpoint slightly below analysts' estimates, in part caused by a delay at a "large North American mobile phone" customer that analysts believe is Apple Inc .

The company forecast fiscal third-quarter revenue of about $5.75 billion, plus or minus $150 million. Analysts on average were expecting $5.79 billion, according to IBES data from Refinitiv.

"We would normally expect to see a double-digit sequential uplift in revenue from the ramp of next-generation phone at our large North American mobile phone customer," Chief Executive Hock Tan said on a conference call. "However, this year, we do not expect to see this uptick in revenue until our fourth fiscal quarter."

Tan cited a "major product cycle delay in wireless" without naming the customer, but Broadcom got about a fifth of its revenue from Apple in its most recent fiscal year and in January entered into to two multi-year agreements worth as much as $15 billion in revenue to supply Apple with wireless components.

Apple did not immediately respond to a request for comment. Analysts expect the company to release a range of 5G iPhone models later this year, but the Nikkei Asian Review reported in March that Apple was considering delaying the launch due to product development disruptions and the economic turmoil caused by the novel coronavirus pandemic.

Broadcom reported better-than-expected growth in quarterly revenue, supported by higher demand for chips used in data centers, which are ramping up as more people opt to work from home in the face of the coronavirus crisis.

Broadcom's revenue rose 4% to $5.74 billion in the second quarter ended May 3, beating analysts' average estimate of $5.69 billion.

(Reporting by Ayanti Bera in Bengaluru and Stephen Nellis in San Francisco; Editing by Anil D'Silva and Cynthia Osterman)

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 2.33% 381.37 Delayed Quote.26.92%
BROADCOM INC. 2.06% 319.57 Delayed Quote.-0.92%
NIKKEI 225 -0.78% 22438.65 Real-time Quote.-4.40%
THE NEW HOME COMPANY INC. 6.17% 3.27 Delayed Quote.-33.91%
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Financials (USD)
Sales 2020 264 B - -
Net income 2020 54 319 M - -
Net cash 2020 64 989 M - -
P/E ratio 2020 30,7x
Yield 2020 0,84%
Capitalization 1 653 B 1 653 B -
EV / Sales 2019
EV / Sales 2020 6,02x
Nbr of Employees 137 000
Free-Float 99,9%
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Last Close Price 381,37 $
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NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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