June 13, 2019 / 8:43 PM / a year ago

UPDATE 2-Broadcom sees broad-based demand slowing down, shares fall 7%

(Adds background, updates shares)

June 13 (Reuters) - Broadcom Inc on Thursday cut its full-year revenue forecast, blaming a broad-based slowdown in demand due to continued geopolitical uncertainties and impact of export restrictions on Huawei Technologies Co Ltd.

Shares of the San Jose, California-based company fell 7.1% to $261.6 in extended trading.

"Our customers are actively reducing their inventory levels, and we are taking a conservative stance for the rest of the year," Chief Executive Officer Hock Tan said in a statement.

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.

Shares of Broadcom have been under pressure after the U.S. government put Huawei on a trade blacklist last month.

Net revenue rose to $5.52 billion in the second quarter ended May 5, from $5.01 billion a year earlier, but missed analysts' estimates of $5.68 billion, according to IBES data from Refinitiv.

Net income attributable to ordinary shares fell to $691 million, or $1.64 per share, in the quarter, from $3.72 billion, or $8.33 per share, a year earlier. (reut.rs/2F8Mgyt)

Excluding items, the company earned $5.21 per share, beating analysts' estimates of $5.16 per share. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel)

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