EARNINGS-Broadcom cuts full-year revenue forecast on slowdown in demand
Adds details, share movement
June 13 (Reuters) - Broadcom Inc AVGO.O on Thursday cut its full-year revenue forecast, blaming a broad-based slowdown in demand due to continued geopolitical uncertainties and impact of export restrictions on one of its largest customers.
Shares of the San Jose, California-based company fell 7% to $262.47 in extended trading.
"Our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year," Chief Executive Officer Hock Tan said in a statement.
The company did not name its customer, which is facing restrictions.
The chipmaker lowered its full-year revenue forecast by $2 billion to $22.50 billion.
Excluding items, the company earned $5.21 per share, beating analysts' estimates of $5.16 per share, according to IBES data from Refinitiv.
Net income attributable to ordinary shares fell to $691 million, or $1.64 per share, in the second quarter ended May 5, from $3.72 billion, or $8.33 per share, a year earlier. (https://reut.rs/2F8Mgyt)
Net revenue rose to $5.52 billion in the quarter, from $5.01 billion a year earlier. Analysts had expected revenue of $5.68 billion.
(Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel)
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