Broadcom Inc forecast fourth-quarter revenue above estimates on Thursday as the semiconductor company expects resilient demand from businesses going digital to help it weather a likely chip industry slowdown.
Shares of the company rose 2.4 percent to $503 in extended trading after third-quarter results also sailed past expectations.
“From our vantage point, infrastructure demand is still very much holding,” Chief Executive Officer Hock Tan told analysts.
Companies are increasingly investing in the infrastructure needed to support a switch to hybrid work models, giving Broadcom—which makes chips for data centers, routers and Wi-Fi modems—an edge over competitors with more exposure to smartphones and PCs….