A California-based chip company just took a $2 billion hit following Trump’s Huawei ban
|06/14/2019||Posted by BusinessMediaguide.Com under General World News||
- Chipmaker Broadcom slashed its annual revenue outlook by $2 billion, marking one of the first instances in which the financial impact of Huawei’s blacklisting on a US company have been partly quantified.
- In its earnings report, Broadcom CEO Hock Tan attributed the slowdown to “geopolitical uncertainties” and “the effects of export restrictions on one of our largest customers.”
- “With respect to semiconductors it is clear that the U.S.-China trade conflict, including the Huawei export ban, is creating economic and political uncertainty and reducing visibility for global [manufacturing] customers,” Tan reportedly said in a call with analysts.
- Broadcom shares were down over 6% in read more >>>