Broadcom: Semiconductor demand has "bottomed out"

Delivering mixed third quarter results, Broadcom CEO Hock Tan said the company expects semiconductor demand to remain at current levels "due to the uncertain environment."

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Broadcom published its third-quarter financial report on Thursday, delivering mixed results. 

The company posted non-GAAP earnings per share of $5.16 on revenue of $5.52 billion.  

Analysts were expecting earnings of $5.13 on revenue of $5.54 billion. 

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"Our broad portfolio of mission-critical semiconductor and infrastructure software solutions, utilized by the world's largest enterprises, continued to drive sustained revenues and robust cash flow despite a challenging market backdrop," President and CEO Hock Tan said in a statement. "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."

Broadcom is maintaining its fiscal year 2019 guidance, with a revenue outlook of $22.5 billion. That includes $17.5 billion from semiconductor solutions and $5 billion from infrastructure software. 

The company on Thursday also declared a quarterly dividend of $2.65 per share. It repurchased and eliminated 3.5 million shares for $977 million.