Broadcom revenue rises 28.7 percent

Broadcom revenue rises 28.7 percent

FILE PHOTO - sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake
REUTERS: Chipmaker Broadcom Ltd reported a 28.7 percent jump in quarterly revenue on Thursday on strong demand for its chips from smartphone makers.Net income attributable to ordinary shares rose to US$6.23 billion, or US$14.62 per share, in the first quarter ended Feb. 4, from US$239 million, or 57 cents per share, a year earlier.The company, which announced a quarterly interim dividend, said it recorded a gain of US$5.8 billion due to the recently enacted U.S. tax law.Net revenue rose to US$5.33 billion from US$4.14 billion.Broadcom on Wednesday withdrew its US$117 billion hostile bid for fellow chipmaker Qualcomm Inc after the deal was blocked by U.S. President Donald Trump over national security concerns.(Reporting by Sonam Rai in Bengaluru; Editing by Sriraj Kalluvila)
Source: Reuters
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