Broadcom forecasts quarterly revenue below expectations on broader demand weakness

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(Reuters) – Broadcom forecast fourth-quarter revenue slightly below Wall Street estimates on Thursday, on worries bleak enterprise spending and stiff competition in the networking chip space will outweigh benefits from a boom in artificial intelligence-led demand. Shares of the San Jose, California-based company fell 3.4% in extended trading. Soft enterprise demand, coupled with slower-than-expected recovery in consumer electronics markets such as smartphones, has also taken a toll on Broadcom’s semiconductor business. The entire software industry is feeling the pain of slashed IT budgets acro…

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