Broadcom first LTE chip to compete with Qualcomm

NEW YORK (Reuters) - Broadcom Corp said its customers are now testing its first chip based on the latest high-speed wireless technology, creating new competition for bigger rival Qualcomm Inc, which was years ahead of the rest of the market.

Broadcom said on Tuesday that it expects its chips for Long Term Evolution (LTE) high-speed devices to go into production in 2014.

The maker of chips used in devices from companies including Apple Inc and Samsung Electronics said in December that it would start sampling its LTE chips in 2013 but it did not say when exactly, disappointing some investors at the time.

Broadcom shares were up 30 cents or 0.89 percent at $33.70 in afternoon trade on Nasdaq.

(Reporting By Sinead Carew; Editing by Theodore d'Afflisio)