Reuters: Technology News: Broadcom eyes entry into LTE chip market soon

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Broadcom eyes entry into LTE chip market soon Dec 6th 2012, 19:22 NEW YORK | Thu Dec 6, 2012 2:22pm EST NEW YORK (Reuters) - Broadcom Corp said on Thursday that entering the market for chips supporting the latest high-speed speed wireless services will be a priority for it in 2013. Chief Executive Scott McGregor, on the webcast of an analyst meeting, would not confirm timing for a product launch, but he included long term evolution (LTE), the technology being adopted by top wireless service providers around the world, in a list of "signposts" investors should look out for. "We need to be there. We're not there today," McGregor said. The market for LTE chips is now dominated by Qualcomm Inc, which is years ahead of its rivals in LTE. The latest hot devices such as the Apple Inc iPhone all support LTE. While Broadcom supplies Apple with chips for short-range connectivity such as Wi-Fi, an LTE chip would allow it to compete with Qualcomm in cellular connectivity in iPhone. Broadcom shares were up 2 percent at $33.08 on Thursday afternoon, after it announced late Wednesday that it was raising its financial targets for the current quarter.

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