Broadcom CEO Says Demand Is ‘Real’ as Chip Orders Flood In
Bloomberg 3/5/2021 Ian King
(Bloomberg) Broadcom Inc. Chief Executive Officer Hock Tan said customers are beefing up semiconductor orders at an unprecedented pace and tried to quell concern that this will create a glut later on.
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“We see customers accelerating the bookings for early deliveries and attempting to build buffers and creating the demand-supply imbalance you all hear out there,” Tan told analysts during an earnings conference call on Thursday.
About 90% of Broadcom’s 2021 supply has already been ordered by customers. Normally, chipmakers have about a quarter of their supply locked up like this. Since the middle of 2020, the company has reviewed its order backlog to make sure it aligns with the actual consumption of end products such as smartphones and networking gear. While some industries have complained of a chip shortage, Tan said Broadcom has enough producti
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By Reuters Staff
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(Reuters) -Broadcom Inc on Thursday appointed its principal accounting officer, Kirsten Spears, as chief financial officer and forecast first-quarter revenue above estimates as key client Apple Inc doubles down on 5G devices, driving demand for its chips.
FILE PHOTO: A sign to the campus offices of chipmaker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo
Spears replaces Tom Krause, who has been named president of Infrastructure Software Group, which oversees the chipmaker’s six software divisions. Chief Sales Officer Charlie Kawwas was also named chief operating officer.
Shares of Broadcom, however, fell 2% in extended trading after the company warned of soft demand from enterprise clients.