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TI revenue beats estimates

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Texas Instruments Inc. (TXN-N) posted third-quarter revenue that beat Wall Street expectations as strong demand from industrial customers offset weak demand for chips used in consumer products.

 

But its shares fell after the news as the stock had already risen almost 26 percent since August.

 

TI Monday posted a third-quarter profit of $859 million US, or 71 cents per share, up from $538 million, or 42 cents per share, in the year-ago quarter.

 

Revenue rose to $3.74 billion from $2.88 billion, compared with analysts' expectations for $3.69 billion according to

Thomson Reuters.

 

The maker of chips used in everything from cars to cellphones said fourth-quarter revenue would range from $3.36 billion to $3.64 billion, implying a midpoint of $3.5 billion.

 

This is in line with the average analyst expectation for $3.5 billion, according to Thomson Reuters.

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