Why Broadcom Stock Fell 15% in June
The diversified semiconductor giant couldn't quite live up to high expectations in its second-quarter earnings report.
Overview
Shares of Broadcom (NASDAQ: AVGO) were among the losers last month, tumbling after its second-quarter earnings at the beginning of June despite solid results.
The company's AI revenue, while strong, fell short of estimates, and management acknowledged that Google, a major customer, was diversifying its sourcing for custom chips, or ASICs.
Details
As a result, the stock finished the month down 15%, according to S&P Global Market Intelligence.
Source
Originally published at www.fool.com.
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