(Reuters) -Semiconductor firm Broadcom Inc forecast first-quarter revenue above Wall Street expectations on Thursday, leaning on a global ramp-up in 5G technology deployment and cloud computing.
The company forecast current quarter revenue of about $7.60 billion, compared to analysts’ estimate of $7.25 billion, according to Refinitiv data.
As the adoption of 5G technology accelerates worldwide, it will likely boost demand for Broadcom’s radio frequency and wireless chips that help devices connect to Bluetooth and Wi-Fi.
The company also stands to benefit from higher demand for its data-center and server chips, as hybrid working models and a rapid shift to cloud by businesses picks up in a post-pandemic world.
Broadcom posted a 15% rise in fourth-quarter revenue to $7.41 billion, narrowly beating a Wall Street estimate of $7.36 billion.
The company’s net income rose to $1.99 billion, or $4.45 per share, in the fourth quarter, from $1.32 billion, or $2.93 per share, a year earlier.
(Reporting by Akash Sriram and Eva Mathews in Bengaluru; Editing by Ramakrishnan M.)
