Canada markets closed
  • S&P/TSX

    19,351.32
    +29.42 (+0.15%)
     
  • S&P 500

    4,185.47
    +15.05 (+0.36%)
     
  • DOW

    34,200.67
    +164.68 (+0.48%)
     
  • CAD/USD

    0.7997
    +0.0020 (+0.26%)
     
  • CRUDE OIL

    63.07
    -0.39 (-0.61%)
     
  • BTC-CAD

    77,887.14
    -358.53 (-0.46%)
     
  • CMC Crypto 200

    1,398.97
    +7.26 (+0.52%)
     
  • GOLD FUTURES

    1,777.30
    +10.50 (+0.59%)
     
  • RUSSELL 2000

    2,262.67
    +5.60 (+0.25%)
     
  • 10-Yr Bond

    1.5730
    +0.0430 (+2.81%)
     
  • NASDAQ

    14,052.34
    +13.58 (+0.10%)
     
  • VOLATILITY

    16.25
    -0.32 (-1.93%)
     
  • FTSE

    7,019.53
    +36.03 (+0.52%)
     
  • NIKKEI 225

    29,683.37
    +40.68 (+0.14%)
     
  • CAD/EUR

    0.6670
    +0.0012 (+0.18%)
     

UPDATE 1-Broadcom forecasts strong current-quarter sales on chip demand

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

(Adds details on results, background)

March 4 (Reuters) - Broadcom Inc on Thursday forecast current-quarter revenue slightly above expectations, betting on higher demand for its chips that help power 5G technology and data centers.

The ramp up in 5G technology adoption is expected to boost demand for higher-priced chips used in phones and is likely to benefit semiconductor firms such as Broadcom.

The company, which also makes chips for data centers and servers, stands to benefit from an extended remote working trend as people wait for vaccines to roll out.

Broadcom forecast second-quarter revenue of about $6.5 billion, compared with analysts' estimates of $6.33 billion, according to IBES data from Refinitiv.

Revenue rose to $6.66 billion in the quarter ended Jan. 31 from $5.86 billion a year earlier. Analysts had expected revenue of $6.62 billion, according to IBES data from Refinitiv. (Reporting by Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta)