Broadcom Predicts First-Quarter Sales In Line With EstimatesIan King
Broadcom Corp., a maker of communications semiconductors, predicted sales in the current period that will meet analysts’ estimates on demand for chips that connect tablets and phones to the Internet.
Revenue will be about $2 billion in the first quarter, the company said, about the same as the average of 33 analysts’ estimates compiled by Bloomberg.
Broadcom is the leading producer of WiFi chips that provide short-range connections for mobile devices. As a supplier to Apple Inc., the company is benefiting from record sales of the iPhone. Apple generates about 9 percent of Broadcom’s revenue, according to data compiled by Bloomberg.
Net income in the fourth quarter was $390 million, or 64 cents a share, compared with $168 million, or 29 cents, in the period a year earlier, the Irvine, California-based company said today in a statement. Revenue gained 3.8 percent to $2.14 billion.
Broadcom’s shares rose less than 1 percent to $41.31 at the close in New York. The company has increased 44 percent in the past 12 months.