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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

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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.