Broadcom drags down chip stocks after cutting revenue guidance

Fox Business | Jun 14, 2019 at 10:53 AM
  • Broadcom Inc. expects yearly sales to fall by $2 billion as uncertainty hangs over the chip industry after the Trump administration announced a ban on exports to Chinese telecom behemoth Huawei Tech.
  • The news led to a sell-off in shares in trading on Wall Street on Friday.
  • Alongside Broadcom, Qorvo Inc. and Lumentum Holdings Inc. also reduced their revenue outlook following the Huawei ban.