Broadcom Inc. (AVGO) - Get Report shares traded lower Friday after the chipmaker posted stronger-than-expected third quarter earnings but cautioned that a recovery in global semiconductor markets could take longer than forecast.

Broadcom said non-GAAP operating earnings for the three months ending on August 4, the company's fiscal third quarter, came in at $5.16 per share, down 1% from the same period last year but 3 cents ahead of the Street consensus forecast. Group revenues, Broadcom said, rose 9% to $5.515 billion but fell shy of analysts' estimates of a $5.54 billion tally.

Looking into its full financial year, Broadcom -- which does not provide quarterly guidance -- said it still expects revenues to come in around $22.5 billion, with around $500 million in capital expenditures, and non-GAAP earnings of $21.13 per share. However, Broadcom warned that semiconductor solutions demand had "bottomed out but will continue to remain at these levels due to the current uncertain environment."

"The US-China trade dispute is turning into an extended affair with lots of twists and turns in uncertainty," Broadcom CEO Hock Tan told investors on a conference call late Thursday. "And we are assuming conditions (are) not going to change from what we're seeing now. And if we make that assumption next year, you probably see a very uncertain 2020."

"But as we sit here right now it appears we have hit bottom at least in the semiconductor -- as it relates to the semiconductor solution side, we have hit bottom ... and we're kind of staying at the bottom."

Broadcom shares were marked 2.3% lower at the start of trading Friday to change hands at $292.86 each, a move that would trim the stock's three-month gain to around 4.5%.

Tan said the company's planned acquisition of the enterprise software business of Symantec Corp. (SYMC) - Get Report , which is expected to close in the first quarter of next year, remains "the logical next step in Broadcom's infrastructure software strategy, and adds a $160 billion cyber security market to our -- to the Broadcom's (total addressable market).