Texas Instruments Slumps on Gloomy Outlook, Q3 Miss
Investing.com - Texas Instruments (NASDAQ:TXN) slumped on Tuesday in after-hours trading after missing third-quarter forecasts on both the top and bottom lines and delivering a sour outlook on chip demand, saying most markets had weakened further.
The company guided fourth-quarter earnings in the range of $0.91 to $1.09 per share, below consensus estimates of $1.30 from S&P Capital IQ, with revenue expected in the range of $3.07 billion to $3.33 billion, below the $3.6 billion expected.
The company reported earnings per share (EPS) of $1.40 on revenue of $3.77 billion. Analysts polled by Investing.com expected EPS of $1.42 on revenue of $3.82 billion. That compared to EPS of $1.58 on revenue of $4.26 billion in the same period a year earlier.
Revenue decreased 11% from the same quarter a year ago, led a fall in its analog segment during a period in which "most markets weakened further," the company said.
Analog revenue, which makes up the bulk of overall revenue, declined 8%, while embedded processing slipped 19%.
Texas Instruments shares lost 10.58% to trade at $114.94 in after-hours trade following the report.
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