Irvine-based chipmaker Broadcom Corp. forecast sales for the current quarter to come in at the high-end of an earlier projection.
Broadcom, which makes chips that go into computers, cell phones and a variety of consumer electronics, said it’s expecting $1.9 billion in revenue in the fourth quarter, up 42% from a year earlier and topping Wall Street’s expectation of $1.85 billion in revenues.
“Our increased revenue guidance reflects stronger than expected demand for products in our mobile and wireless markets versus our initial expectations entering the quarter,” Chief Executive Scott McGregor said in a statement.
In October, Broadcom said it was looking for fourth quarter revenue of $1.8 billion to $1.9 billion.
The company didn’t give a profit outlook.
Analysts, on average, are expecting the chipmaker to post adjusted profits of $379 million, up about 51% from a year earlier.
Broadcom’s shares are up more than 50% for the year on a recent market value of $23 billion.
A few months ago, Broadcom passed up Irvine-based drugmaker Allergan Inc. for the title of Orange County’s most valuable company on Wall Street.
Allergan, best known for wrinkle-smoother Botox, had a recent market value of $21 billion.
