logo
Plus   Neg
Share
Email

Texas Instruments Q1 Profit Down - Update

Analog chip maker Texas Instruments Inc. (TXN), Tuesday reported a 11 percent drop in profit for the first quarter, driven largely by lower revenues. However, both earnings and revenues for the quarter trumped analysts' expectations.

Dallas, Texas-based Texas Instrument's profit for the first quarter rose to $1.22 billion or $1.26 per share from $1.37 billion or $1.35 per share last year. Analysts polled by Thomson Reuters expected the company to earn $1.13 per share.

Revenues for the quarter dropped 5 percent to $3.59 billion from $3.79 billion in the same quarter last year. Analysts had a consensus revenue estimate of $3.50 billion for the quarter.

"Revenue decreased 5% from the same quarter a year ago as demand for our products continued to slow across most markets. In our core businesses, Analog revenue declined 2% and Embedded Processing declined 14% from the same quarter a year ago," said CEO Rich Templeton.

Looking forward to the second quarter, Texas Instrument's expects earnings of $1.12 to $1.32 per share and revenues of $3.46 billion to $3.74 billion. Analysts currently estimate earnings of $1.24 per share and revenues of $3.69 billion.

TXN closed Tuesday's trading at $116.38, up $1.43 or 1.24% on the NYSE. The stock, however, slipped $2.78 or 2.39% in the after-hours trading.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
SiriusXM launched a new subscription package exclusively for college students at a steep discount, just ahead of the fall semester. The satellite-radio giant introduced the "Student Premier" Package that provides students with all the content in SiriusXM's "Premier Streaming" package for $4 per month. This is a 69 percent discount from the regular price of $12.99 per month for Premier Streaming. Apple Inc. warned that its newly launched titanium Apple Card can be easily damaged if not stored properly. The company advised that the card must be kept away from fabrics like leather and denim as they can cause permanent discoloration. The tech giant has posted a support page that provides instructions to users on how to protect and maintain their Apple Card. Southwire Co. LLC recalled about 3000 units of Garvin pop-up electrical outlet floor box kits for concerns of fire hazard. The company said the electrical receptacles can overheat when in use. Southwire already received three reports of the floor boxes overheating. However, there have been no injuries reported so far.
Follow RTT