Broadcom Stock Tumbles as Outlook Disappoints; Semiconductor Peers Also Decline

Shares of Broadcom (AVGO) tumbled Friday after the semiconductor giant disappointed investors with its full-year sales outlook. Broadcom said it expects to book $50 billion in revenue in its 2024 fiscal year, reiterating guidance it first issued in December. That disappointed investors, who may have been looking for the company to raise its guidance after reporting better-than-expected revenue in the first quarter of the year. Broadcom brought in $11.96 billion in revenue in the quarter ended Feb. 4., comp ...