U.S. officials, including Secretary of State Mike Pompeo, have accused Iran of orchestrating devastating strikes on Saudi oil installations over the weekend.Politicsread more
Thousands of Canadian auto industry workers have been furloughed with more temporary layoffs coming as negotiations on a new labor contract between General Motors and the...Autosread more
Rosengren was one of two central bank officials to vote against Wednesday's quarter-point rate reduction, and explained in a speech to the Stern School of Business at New York...Economyread more
The process will involve three 14-day operations involving $30 billion as well as continued overnight operations of at least $75 billion each.The Fedread more
"The president is right to make this the center point of the rising and sustained trade conflict," says Sen. Chris Coons.Politicsread more
Some businesses, mostly small- to mid-sized companies, are providing workers with paid time off to join the Global Climate Strike, while others are shutting down operations...Weather & Natural Disastersread more
A bipartisan group of senators is urging acting Food and Drug Administration Commissioner Ned Sharpless to immediately pull most e-cigarettes off the market, including market...Health and Scienceread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
"We're gonna take this meeting by meeting. We're not on a preset course," Clarida told CNBC's Sara Eisen during an interview Friday on "Squawk on the Street."The Fedread more
Netflix CEO Reed Hastings admitted that it's a "whole new world starting in November," with the launch of Apple TV+, Disney+ and other new streaming services.Technologyread more
President Donald Trump sarcastically tweeted that New York City "is devastated" by Mayor Bill de Blasio's exit from the 2020 presidential race. Two other Democratic mayors,...2020 Electionsread more
(Adds background, updates shares)
June 13 (Reuters) - Broadcom Inc on Thursday cut its full-year revenue forecast, blaming a broad-based slowdown in demand due to continued geopolitical uncertainties and impact of export restrictions on Huawei Technologies Co Ltd.
Shares of the San Jose, California-based company fell 7.1% to $261.6 in extended trading.
"Our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year," Chief Executive Officer Hock Tan said in a statement.
The company, known for communications chips and powers Wi-Fi, Bluetooth and GPS connectivity in smartphones, lowered its full-year revenue forecast by $2 billion to $22.50 billion.
Shares of Broadcom have been under pressure after the U.S. government put Huawei on a trade blacklist last month.
Net revenue rose to $5.52 billion in the second quarter ended May 5, from $5.01 billion a year earlier, but missed analysts' estimates of $5.68 billion, according to IBES data from Refinitiv.
Net income attributable to ordinary shares fell to $691 million, or $1.64 per share, in the quarter, from $3.72 billion, or $8.33 per share, a year earlier. (https://reut.rs/2F8Mgyt)
Excluding items, the company earned $5.21 per share, beating analysts' estimates of $5.16 per share. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel)