(Reuters) -Broadcom Inc forecast fourth-quarter revenue above Wall Street expectations on Thursday, betting on strong demand for its semiconductors from the adoption of 5G technology and a shift to hybrid work models.
Broadcom’s efforts to diversify revenue by ramping up investments in its software business has insulated the company from being heavily impacted by supply chain disruptions.
The company’s wireless business division, which counts Apple Inc as a major customer, also stands to benefit from the latest iPhones expected to be launched this month.
Broadcom forecast current-quarter revenue of about $7.35 billion, compared with analysts’ estimates of $7.23 billion, according to IBES data from Refinitiv.
Revenue rose 16% to $6.78 billion in the third quarter ended Aug. 1, beating expectations of $6.76 billion.
(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)
