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Broadcom withdraws 2020 revenue forecast on coronavirus worries – Source Reuters Tech News

(Reuters) – Broadcom Inc withdrew its revenue forecast for 2020 on Thursday, joining a host of chipmakers that have either cut or pulled their sales outlook due to demand and supply disruptions caused by the coronavirus outbreak.

FILE PHOTO: A sign to the campus offices of chipmaker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo

Nearly 20% of Broadcom’s revenue in 2019 came from Apple Inc, which was the first big technology company to say the epidemic was hurting its production and demand in China.

Chief Executive Officer Hock Tan downplayed reports about one of its wireless chip units coming up for sale.

“We have come to the conclusion that continuing to invest in and operate our wireless assets will create the most value for our business and for our shareholders,” Tan said on a conference call with analysts.

The Wall Street Journal had reported in December that Broadcom is working with Credit Suisse to sell its radio…

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Source Reuters Tech News

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