Broadcom

(BRCM)

was down 10.5% in late trading after dipping as much as 13.8%.

The communications-chip maker's CEO said sales growth has been disappointing. Speaking at the

Banc of America Securities

conference,

Henry Nicholas

said the company is not seeing the kind of results it expected when it gave first-quarter guidance Jan. 23. At that time, Broadcom said sales would be up 22% to 23% from the fourth quarter.

Salomon Smith Barney

cut its earnings estimate.