Broadcom Meets Revenue Forecast, Boosts Dividend
By: Reuters With CNBC.com
Source: broadcom.com
Broadcom posted quarterly revenue at the high end of its target range as demand improved for its chips and it announced a 10-percent increase in its dividend.
The maker of chips used in products from television set-top boxes to smartphones, including the Apple iPhone, on Tuesday reported a profit of $251 million or 43 cents per share, compared with $254 million or 45 cents per share in the year-ago quarter.
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Revenue rose to $2.08 billion from $1.82 billion, compared with Wall Street expectations for $2.07 billion according to Thomson Reuters. On Dec. 5 Broadcom, forecast revenue in a range of $2 billion to $2.1 billion, which was at the high end of its previous guidance range.
The company posted quarterly revenue near the high end of its target range as demand improved for its chips and it announced a 10 percent increase in its dividend.
