Stock Quote Search
Latest News
- Apple, Samsung CEOs set for U.S. court talks
- Euro zone row gets fat pay rise for German workers
- Facebook shares could fall below IPO price: Barron's
- U.S. banking laws unable to stop JPMorgan loss: Republican Boehner
- Insight: China pays high price to spare state firm from bankruptcy
- Barroso: Lenders Stand Firm On Greek Austerity Plan - Wall Street Journal
- US Gasoline Falls to $3.78 a Gallon - Bloomberg
- NY trial of ex-P&G, Goldman board member starts - The Associated Press
- What is a reserve currency, and how do traders use it?
- State unemployment improves to 9.4 percent in April - Jefferson Post
Site Search
Broadcom shares rise on 4th-qtr revenue outlook
Created on Wednesday, 14 December 2011 08:49Category: Earnings
NEW YORK (AP) -- Shares of Broadcom Corp. got a boost Wednesday after the chip maker said it expects fourth-quarter revenue of about $1.8 billion, at the high end of its previous
In October, Broadcom had said that it expected revenue of $1.7 billion to $1.8 billion for the three months ending in December. Analysts polled by FactSet are forecasting revenue of $1.78 billion, on average.
Broadcom's October guidance had disappointed investors. Analysts then had higher expectations, predicting revenue of $2.01 billion.
"Broadcom's (fourth quarter) is coming in stronger than expected, driven by solid shipments and tight operational management," said CEO Scott McGregor in a statement.
Broadcom makes communications chips used in cellphones, cable set-top boxes and other devices.
Shares of Irvine, Calif.-based Broadcom rose $1.21, or 4.3 percent, to $29.40 in late morning trading. The stock is still trading close to the low end of its 52-week range of $28.05 to $47.39. Shares have dropped 21 percent since Oct. 25, when Broadcom released its third-quarter results and fourth-quarter guidance.
Courtesy Yahoo Financial News