Broadcom Wireless Revenue Gains; Stock Up

Broadcom wireless revenue of $1.8 billion rose 21% from the year-ago quarter, “consistent with the launch of our customers’ next-generation phones during the quarter,” said CEO Hock Tan. “We expect continuing strong demand” into fiscal Q1 ending late January, he told investors Thursday. Fiscal Q4 ended Oct. 31. Broadcom’s broadband revenue grew 29%. “This was driven by the continued strong growth in deployment by service providers globally” of next-generation passive optical networks with Wi-Fi 6 and 6E “access gateways,” he said. The stock closed up 8.3% Friday at $631.68.