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UPDATE 2-Broadcom tops estimates on strong wireless chip demand

UPDATE 2-Broadcom tops estimates on strong wireless chip demand
From Reuters - December 6, 2017

(Reuters) - Broadcom Ltd (AVGO.O) reported better-than-expected quarterly revenue and profit, as robust demand for smartphones boosted sales of its chips that power WiFi, Bluetooth and GPS.

Shares of the company rose 5 pct in extended trading after the company also forecast first-quarter revenue largely above analysts estimates.

The companys strong results come at a time when it pursues Qualcomm (QCOM.O) Inc with a $103 billion hostile bid under Chief Executive Hock Tan, who has transformed the chipmaker into a $100 billion behemoth through a series of acquisitions.

Broadcoms wireless business, whose WiFi chips are found in Apple Incs (AAPL.O) iPhone and most Android smartphones, far outperformed all its other businesses with a 33.4 percent rise in sales and accounted for much of its profit.

The company also forecast current-quarter revenue of $5.30 billion, plus or minus $75 million, helped by its acquisition of network gear maker Brocade Communications Systems.

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