(Reuters) – Broadcom Inc forecast current-quarter revenue above Wall Street expectations on Thursday, as the semiconductor firm is set to benefit from the rising adoption of 5G technology.
As the global roll-out of 5G ramps up, strong demand for higher-priced chips used in smart phones will benefit Broadcom, which counts iPhone maker Apple Inc as a major customer.
The company, which makes chips for data centers and servers, estimates third-quarter revenue to be about $6.75 billion, compared with analysts’ estimates of $6.6 billion, according to Refinitiv IBES data.
Revenue rose to $6.61 billion in the second quarter ended May 2, from $5.74 billion a year earlier. Analysts had expected revenue of $6.51 billion.
(Reporting by Eva Mathews and Chavi Mehta in Bengaluru; Editing by Amy Caren Daniel)
