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Shares of Irvine-based chipmaker Broadcom Corp. slumped Wednesday, a day after the company's sales forecast for current quarter disappointed Wall Street.

Broadcom's shares closed down 12% to a market value of $19 billion.

On Tuesday, Broadcom forecast second-quarter sales of $1.75 billion to $1.85 billion for the second quarter.

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That fell short of the $1.9 billion analysts had been expecting.

The company cited slowing sales of chips for smartphones to Nokia Oyj and Samsung Electronics Co.

Broadcom makes chips for networking, computers and consumer electronics.

The company reported first-quarter sales of $1.82 billion, up 24% from a year earlier and in line with analysts’ expectations.

Adjusted profits hit $366 million. Analysts had expected profits of around $317 million.

First-quarter gross margin was 50.5%, up from from 48.9% a year earlier.

"Broadcom reported solid results for the first quarter, with revenue above the midpoint of guidance and better than expected profitability,” Chief Executive Scott McGregor said.

Chips for phones and other mobile devices made up 43% of Broadcom's $6.8 billion in 2010 sales.