Texas Instruments Inc reported an 8.7per cent drop in quarterly revenue on Tuesday, as it grappled with slowing demand for microchips that ...
REUTERS: Texas Instruments Inc beat Wall Street estimates for quarterly profit and revenue on Tuesday, signaling a relief against the backdrop of a global slowdown in demand for microchips and sending its shares up 6per cent in extended trading.
The company had previously warned that the slowdown may last a few more quarters, as China's economy cools and manufacturers face the fallout of a prolonged U.S.-China trade dispute.Texas, whose broad lineup of products makes it a proxy for the chip industry, said it expected third-quarter revenue to be between US$3.65 billion and US$3.95 billion. The company also estimated a profit of between US$1.31 and US$1.53 per share.
Analysts on average were expecting revenue of US$3.83 billion and profit of US$1.38 per share, according to IBES data from Refinitiv. Net income fell to US$1.31 billion, or US$1.36 per share, in the second quarter ended June 30, from US$1.41 billion, or US$1.40 per share, a year earlier.Total revenue fell about 9per cent to US$3.67 billion, but beat estimates of US$3.6 billion.
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