Broadcom (AVGO), a technology company, reported fiscal Q2 non-GAAP earnings that topped but revenue that missed Wall Street expectations, and it lowered its revenue outlook for the current fiscal year. Shares fell more than 7% in extended trading on Thursday.
Non-GAAP EPS increased to $5.21 for the three months ended May 5, from $4.88 a year earlier. That surpassed the $5.18 average estimate of analysts surveyed by Capital IQ.
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Fiscal Q2 revenue increased 10% to $5.52 billion, from $5.01 billion, but lagged behind the analyst consensus of $5.69 billion.
The company said it now anticipates FY19 revenue to be $22.5 billion. The company had projected FY19 revenue of $24.5 billion in its fiscal Q1 earnings release. Wall Street was looking for $24.3 billion.
Also on Thursday, the company said it has retained its quarterly dividend of $2.65 per share, payable on July 2, to shareholders of record on June 24.