Chip maker Broadcom Corp. raised its fourth-quarter revenue outlook on Tuesday, citing better-than-expected demand for its broadband and enterprise networking products.
The company now expects to report $1.32 billion in revenue for the period, up from an earlier estimate of $1.25 billion. The forecast marks 5 percent growth from the third quarter and a sharp jump from the $1.13 billion it recorded in the fourth quarter of last year.
Analysts polled by Thomson Reuters expect $1.26 billion in revenue, on average.
Broadcom shares rose 17 cents in after-hours trading, after finishing regular trading down 21 cents at $30.35.