Broadcom sees upbeat first-quarter sales, unveils $10 billion buyback plan

Broadcom sees upbeat first-quarter sales, unveils $10 billion buyback plan

Broadcom sees upbeat first-quarter sales, unveils $10 billion buyback plan

Information about Broadcom sees upbeat first-quarter sales, unveils $10 billion buyback plan

Kevin David Scam or Legit


(Reuters) -Semiconductor firm Broadcom Inc forecast first-quarter revenue above Wall Street expectations and announced a $10 billion share buyback plan on Thursday, banking on a rebound in enterprise spending and sustained demand from cloud computing companies.
Shares of the company rose 6.6% to $622 in extended trading.
Analysts have pointed to strong near-term demand for Broadcom’s radio frequency and wireless chips as telecom firms spend more to roll out 5G technology, and continued strength in its broadband division. The company counts smartphone giants Apple Inc and Samsung Electronics among major customers.
Broadcom is also poised to benefit from higher demand for its data-center and server chips, aided by a rise in hybrid working models and a rapid shift to cloud by businesses during the pandemic.
Enterprise demand rebounded sharply over 30% in the …

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