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
It’s Your Money, Your Future—Own It (sponsor)
Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.
If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.