March 12, 2020 / 9:44 PM / 18 days ago

BRIEF-Broadcom Says Withdrawing Prior Annual Guidance, In Light Of Uncertainties Arising From Effects Of COVID-19

March 12 (Reuters) - Broadcom Inc:

* ANNOUNCES FIRST QUARTER FISCAL YEAR 2020 FINANCIAL RESULTS, QUARTERLY DIVIDEND AND UPDATED GUIDANCE

* SEES Q2 REVENUE ABOUT $5.7 BILLION PLUS OR MINUS $150 MILLION

* Q1 NON-GAAP EARNINGS PER SHARE $5.25

* Q1 GAAP EARNINGS PER SHARE $0.74

* Q1 REVENUE $5.858 BILLION VERSUS REFINITIV IBES ESTIMATE OF $6 BILLION

* Q1 EARNINGS PER SHARE ESTIMATE $5.33 — REFINITIV IBES DATA

* WITHDRAWING PRIOR ANNUAL GUIDANCE, IN LIGHT OF UNCERTAINTIES ARISING FROM EFFECTS OF COVID-19

* SEES SECOND QUARTER REVENUE GUIDANCE OF $5.7 BILLION PLUS OR MINUS $150 MILLION

* BROADCOM - DID NOT SEE ANY MATERIAL IMPACT ON BUSINESSES DUE TO COVID-19 IN Q1

* Q2 ADJUSTED EBITDA GUIDANCE OF $3,135 MILLION PLUS OR MINUS $75 MILLION

* SEES Q2 ADJUSTED EBITDA OF $3,135 MILLION PLUS OR MINUS $75 MILLION, OR 55% OF REVENUE AT THE MIDPOINT OF GUIDANCE

* QUARTERLY COMMON STOCK DIVIDEND OF $3.25 PER SHARE

* VISIBILITY IN GLOBAL MARKETS IS LACKING AND DEMAND UNCERTAINTY IS INTENSIFYING

* BELIEVE IT PRUDENT TO WITHDRAW ANNUAL GUIDANCE UNTIL VISIBILITY RETURNS TO PRE COVID-19 LEVELS

* ARE WELL POSITIONED TO CONTINUE TO SUPPORT DIVIDENDS TO STOCKHOLDERS DESPITE CHALLENGING MARKET BACKDROP Source text for Eikon: Further company coverage:

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