Broadcom sees broad-based demand slowing down, shares fall 7%

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Broadcom sees broad-based demand slowing down, shares fall 7%
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Broadcom Inc on Thursday cut its full-year revenue forecast, blaming a broad-bas...

FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake

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.

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