Broadcom BCM6358KFBG network controller Remusrigo/Dreamstime.com
Chip maker and software infrastructure supplier Broadcom shares slipped after the company warned of weak demand for the products it sells to enterprise customers, and reshuffled its executive team.
Shares of
Broadcom (ticker: AVGO) fell 1.9% in the extended session, despite beating consensus estimates, and projecting better-than-expected fiscal first-quarter earnings.
Broadcom reported fiscal fourth-quarter net income of $1.32 billion, which amounts to $2.93 a share, compared with a net profit of $847 million, or $1.97 a share a year ago. Adjusted for items such as stock-based compensation, non-GAAP earnings were $6.35 a share. Sales rose to $6.47 billion from $5.78 billion a year ago.