JPMorgan Tech Conference: Broadcom CEO's Blunt Message About Predictable Pain
Why mince words, when you can mince others?
Investors laughed through the pain as Nicholas quickly sketched out the scenario that saw the red-hot networking sector turn ice cold. All those start-ups with their $100 million in year 2000 funding bought their Cisco (CSCO) equipment, "used it for 10 minutes and are now reselling it for 50 cents on the dollar in the market. They're spending your money."
Stop, you're killing me!Nicholas reiterated that revenue and profit will decline quarter over quarter because of "general weakness in the U.S. economy." Broadcom is still suffering as its customers work through inventory and delay their orders. Nicholas says he thinks demand could restart at the end of this year.
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