Broadcom’s stock drops 5% as weak guidance overshadows earnings beat

Broadcom’s stock declined 5% in extended trading following the company’s release of financial results and forward guidance. The chipmaker reported fiscal fourth-quarter revenue of $15.95 billion, representing an 86% increase compared to the prior year. Net income surged to $13.09 billion, or $2.68 per share, compared to $4.14 billion, or 85 cents per share, in the corresponding period a year earlier.
Despite the strong quarterly performance, the company’s outlook disappointed