Investing.com – Broadcom (NASDAQ:AVGO) on Thursday offered up a cautious outlook on demand and reported mixed third quarter performance as earnings topped expectations but revenue fell short.
“Looking at the semiconductor solutions segment, we believe demand has bottomed out but will continue to remain at these levels due to the current uncertain environment,” the company said as it maintained its full-year expectations.
Broadcom guided full-year revenue of $22.5 billon with an operating margin of 52.5%.
The firm reported earnings per share of $5.16 on revenue of $5.52 billion. Analysts polled by Investing.com forecast earnings per share of $5.14 on revenue of $5.55 billion. That compared to earnings per share of $4.98 on revenue of $5.07 billion in the same period a year earlier. The company had reported earnings per share of $5.21 on revenue of $5.52 billion in the previous quarter.
Its semiconductor solutions segment, which accounts for the bulk of revenue, fell 5% to $4.35 billion as the U.S.-China trade weigh has weighed on chip demand.
Broadcom shares lost 0.19% to trade at $300.00 in after-hours trade following the report.