NEW YORK — Broadcom’s shares fell on Friday, along with those of other chipmakers, after the company lowered revenue guidance for the rest of the year due to trade tensions and a “broad-based” slowdown in general.
Chipmakers, part of the semiconductor industry, make the integrated circuits that power a wide array of devices including phones, tablets and computers.
The Trump administration issued an executive order in May empowering the government to ban the technology and services of “foreign adversaries” deemed to pose “unacceptable risks” to national security. It didn’t name specific countries or companies but it follows months of U.S. pressure on Chinese telecom company Huawei, the world’s biggest supplier of network gear.
Late Thursday, Broadcom reduced its 2019 revenue forecast, saying customers are trimming orders because of the trade tensions, including U.S. curbs on sales to Huawei.
The Associated Press