TI Profit Falls on Reduced Demand

By Features FOXBusiness

Texas Instruments (TXN) saw revenue and profits fall from a year ago, hurt primarily by reduced demand and one-time costs related to its acquisition of National Semiconductor.

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The computer chip maker reported revenue of $3.47 billion during the last quarter, down 7% from $3.74 billion last year.

Net income was $601 million, or 51 cents a share, compared with $859 million, or 71 cents a share a year ago. Earnings per share results included 9 cents in charges associated with the National Semiconductor acquisition, the company said.

“Our revenue for the third quarter was higher than we expected though, overall, the quarter was below the seasonal average. We expect the same in the fourth quarter as economic uncertainty continues to weigh on demand in almost every major market segment in which we operate,” said Texas Instrument CEO Rich Templeton in a statement.

The company’s shares were down 41 cents in after-hours trading after rising $1.23, or 4.04%, to $31.69.

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