Broadcom's shares fell 15% after reporting fiscal second-quarter revenue of $22.19 billion, which was below the $22.27 billion expected by analysts. This revenue miss is notable as it marks Broadcom's first since December 2024, with its infrastructure revenue also falling short of expectations at $7.18 billion compared to the $7.32 billion forecast.
The negative sentiment surrounding Broadcom's results affected other semiconductor stocks, with Micron Technology down 6%, Super Micro Computer down 7%, Intel down 4%, and Advanced Micro Devices down nearly 5%.
In the retail sector, Five Below's shares dropped nearly 11% despite an optimistic revenue outlook for the second quarter, projecting between $1.18 billion and $1.2 billion, surpassing the $1.15 billion consensus. Petco's shares fell approximately 12% after its current-quarter forecast for adjusted EBITDA of $110 million to $112 million missed the $115 million consensus.
In the cryptocurrency space, Robinhood, Coinbase, and Strategy saw declines following a 5% drop in Bitcoin. CrowdStrike's shares fell 10% due to lackluster second-quarter guidance, projecting revenue of around $1.44 billion, slightly above the $1.3 billion estimate.
PVH, the parent company of Tommy Hilfiger and Calvin Klein, plunged 22% after reiterating its full-year earnings guidance despite a Q1 earnings beat. Conversely, C3.ai's shares rose 1.4% after reporting a smaller-than-expected loss. UnitedHealth's stock climbed 3% following a Bank of America upgrade, while Medtronic advanced nearly 2% after an earnings beat and an upgrade from BTIG.
Overall, the market reacted negatively to several earnings reports, particularly in the semiconductor and retail sectors