Wall St. expected Texas Instruments (TXN) to post earnings of 45 cents a share on revenue of $3.39 billion, according to a survey by FactSet Research.
But, TXN came in with secondquarter revenue of $3.35 billion, net income of $588 million and earnings per share of $0.44.
TI’s revenue in the second quarter was in the lower half of the company’s range of expectations, as were earnings per share. Demand slowed unexpectedly in June primarily because distributors reduced inventory levels and did not replenish them late in the quarter. Additionally, Wireless revenue declined in the quarter, continuing its first-quarter weakness.
Guidance for the third quarter was for TI to have revenue of $3.26 – 3.54 billion and EPS of $0.41 – 0.47.
Shares in TI were halted after hours, but they are likely to have a hell of a time when they open.
Douglas A. McIntyre
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