UPDATE 3-Broadcom revenue up on wireless chip demand

* Q2 EPS 52 cents vs 3 cents year ago

* Q2 revenue $1.6 bln vs Street view $1.59 bln

* Sees Q3 revenue $1.7 bln-$1.8 bln vs Street's $1.67 bln

* Broadcom shares rise 1.4 pct (Adds executive quote, updates share price)

NEW YORK, July 27 (Reuters) - Broadcom Corp (BRCM.O) posted higher quarterly earnings and revenue on Tuesday on strong demand for its chips used in smartphones such as Apple Inc's (AAPL.O) iPhone and in broadband equipment.

The maker of chips for electronics products such as set-top boxes and broadband equipment also gave a current-quarter revenue forecast that beat analysts' expectations, sending its shares up 1.4 percent in late trade.

"The guidance was pretty strong," said Gleacher & Co analyst Mark McKechnie, who noted that Broadcom has good exposure to Apple's latest hit products, the iPhone 4 and iPad tablet computer.

He said Broadcom had gained market share at big mobile phone companies Nokia (NOK1V.HE) and Samsung Electronics (005930.KS). Its rivals in phone chips are Qualcomm Inc (QCOM.O) and Texas Instruments Inc TXN.N.

Broadcom shares rose 1.4 percent to $38.05 in extended trade after closing at $37.53 on Nasdaq. McKechnie noted that investors had already pushed Broadcom shares up 12 percent since the start of July due to expectations for solid results.

Broadcom said it plans to launch new products this quarter and forecast third-quarter revenue of $1.7 billion to $1.8 billion, which was above analysts' average expectation for $1.67 billion according to Thomson Reuters I/B/E/S.

Chief Executive Scott McGregor said growth would continue to be driven by wireless in areas such as baseband chips, the main cellphone processor, and connectivity chips for short-range radio connections such as Wi-Fi and Bluetooth.

"We expect substantial growth in the third quarter from both our wireless connectivity as well as our cellular baseband businesses," McGregor told analysts on a conference call.

Broadcom said its second-quarter profit rose to $278 million, or 52 cents per share, from $13.4 million, or 3 per share, in the same quarter a year ago.

Revenue rose to $1.6 billion from $1.04 billion over the same period and was slightly ahead of analysts' average expectation for $1.59 billion.

Jefferies & Co analyst Adam Benjamin said it was "hard to poke holes" in the results and guidance which he described as "pretty solid all around." (Reporting by Sinead Carew; Editing by Carol Bishopric and Richard Chang, Leslie Gevirtz)