Broadcom stock plunges on weak software sales, unchanged AI chip forecast for the year

Key points

• Broadcom CEO Hock Tan speaks at the digital X event in Cologne, Germany, on Sept.
• 13, 2022. Broadcom reported weaker-than-expected revenue in its fiscal second-quarter earnings report.
• The stock slid in extended trading and fell further on disappointment that CEO Hock Tan didn't raise the company's full-year target of $100 billion in artificial intelligence chip sales.
• Here's how the chipmaker did versus LSEG consensus estimates Earnings per share: $2.44, adjusted, versus $2.40 estimated $2.44, adjusted, versus $2.40 estimated Revenue: $22.19 billion versus $22.27 billion estimated Revenue climbed 48% from $15 billion in the same quarter a year earlier, Broadcom said in a statement.
• Sales have climbed in recent quarters, driven by demand for custom AI chips, including Google 's tensor processing unit.