Broadcom (AVGO) - Get Report is down sharply after issuing a grim outlook for the rest of the year, and the news was dragging the rest of the chip sector down.

The chip giant was down 6.3% in trading after missing revenue estimates and lowering its full-year outlook, pinning the weakness on a broad slowdown in demand and the U.S. blacklisting of Huawei.

The Philadelphia Semiconductor index, which tracks chip and chip equipment stocks, was trading almost 3% lower on Friday.

Major chipmakers suffering losses on Friday included AMD (AMD) - Get Report  (down 3.9%), Qorvo (down 3.2%), Nvidia (NVDA) - Get Report (down 3.1%), Skyworks (SWKS) - Get Report (down 3.1%), Micron (MU) - Get Report (down 2.8%), NXP (NXPI) - Get Report (down 2.4%) and Intel (INTC) - Get Report (down 1%).

On Thursday's earnings call, Broadcom CEO Hock Tan told investors that a turnaround isn't expected anytime soon. 

"We have, as I indicated, performed very much to plan in the first half of fiscal 2019. And in the second half, we had expected a recovery," he said. "However, while enterprise and mainframe software demand remained stable, particularly in North America and Europe, 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 our global OEM customers." 

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