Democrats such as Elizabeth Warren had their eye on business and the working class during the first 2020 presidential primary debate in Miami.2020 Electionsread more
Huawei's legal chief told CNBC that the company makes "solutions for civil use."Technologyread more
The Chinese Ministry of Commerce maintained a firm stance against the U.S. during a weekly press conference on Thursday, less than two days ahead of a scheduled meeting...China Economyread more
The issue over health insurance marked the first stark divide among the candidates, and sparked a heated back-and-forth between many of the candidates on stage.Politicsread more
Four candidates mentioned China — but none of the Democratic contenders brought up trade in the debate.Politicsread more
The stock market is shrinking for several key reasons, but there's a way for investors to maneuver it, says Citi Research strategist Robert Buckland.Trading Nationread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Something unusual is happening in financial markets, and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
In a strategy to draw attention away from Wednesday's Democratic debate, President Donald Trump's reelection campaign bought out YouTube's "masthead," the leading...2020 Electionsread more
The Federal Aviation Administration said on Wednesday that is has found an issue with the Boeing 737 Max that the manufacturer must address before it lifts the grounding...Airlinesread more
The collapse of the deal potentially ended Sinclair's hopes of building a national conservative-leaning TV powerhouse that might have rivaled Fox News.Mediaread more
(Adds CEO comments from conference call, segment revenue, updates shares)
June 13 (Reuters) - Broadcom Inc on Thursday warned of a broad slowdown in chip demand, blaming a trade conflict between the United States and China and export restrictions on Huawei Technologies Co Ltd and the chipmaker cut its revenue forecast for the year by 8%.
Shares of the San Jose, California-based company fell 8% to $258.75 in extended trading and the remarks dragged down stocks of other chipmakers, including Qualcomm, Texas Instruments and Skyworks Solutions.
"It is clear that the U.S.-China trade conflict including the Huawei export ban is creating economic and political uncertainty and reducing visibility," Chief Executive Officer Hock Tan said on a conference call with analysts.
Shares of Broadcom have been under pressure after the U.S. government put Huawei on a trade blacklist last month. Huawei accounted for about $900 million, or 4%, of the company's overall sales last year.
Tan said that if consumer demand for smartphones remains steady, other phone makers could start taking Huawei's market share, and those phone makers are likely to buy chips from Broadcom. However, he cautioned that the process will take up to six months.
"What's the impact of the Huawei ban on a company like us selling components and technology? Well, short term, keep in mind we'll see a very sharp impact simply because (there are) no purchases allowed and there's no obvious substitution in place," Tan said.
Revenue from semiconductor solutions, Broadcom's biggest business unit, fell 10% to $4.09 billion in the second quarter, while revenue from its infrastructure software business came in at $1.41 billion
Demand for enterprise and mainframe software remained stable, mainly in North America and Europe, Tan said.
The company, known for communications chips that power Wi-Fi, Bluetooth and GPS connectivity in smartphones, lowered its full-year revenue forecast by $2 billion to $22.50 billion, saying that its customers are actively reducing inventory levels.
Net revenue rose to $5.52 billion in the 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 and Stephen Nellis in San Francisco; Editing by James Emmanuel)