Shares of Irvine chipmaker Broadcom Corp. slumped after the company lowered its outlook for the current quarter.
Investors sent shares down 3% in New York afterhours trading on a recent market value of about $8 billion.
Including its $142 million buy of Advanced Micro Devices Inc.’s digital TV chip business, Broadcom is expecting fourth quarter sales of $1.05 billion to $1.1 billion.
That’s down from its previous outlook of $1.17 billion to $1.2 billion, which didn’t include the acquisition.
The company didn’t give a profit outlook.
Broacom cited slowing demand from its customers as the main reason for the lowered guidance at a meeting with analysts Monday.
“Due to the current global economic environment, customers across each of Broadcom’s targeted end markets have requested adjustments in their deliveries for the fourth quarter, resulting in significant pushouts and cancellations,” the company said in a statement.
Wall Street analysts, on average, are looking roughly for profits of $194 million on sales of $1.19 billion.
