Broadcom Meets Revenue Forecast, Boosts Dividend

Reuters With CNBC.com
Source: broadcom.com

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.