Texas Instruments Inc. (TXN) on Wednesday reported first-quarter profit of $656 million.
On a per-share basis, the Dallas-based company said it had profit of 61 cents.
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The results did not meet Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The chipmaker posted revenue of $3.15 billion in the period, which also fell short of Street forecasts. Sixteen analysts surveyed by Zacks expected $3.2 billion.
For the current quarter ending in June, Texas Instruments said it expects revenue in the range of $3.12 billion to $3.38 billion. Analysts surveyed by Zacks had expected revenue of $3.42 billion.
Texas Instruments shares have risen nearly 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. In the final minutes of trading on Wednesday, shares hit $58.73, an increase of 26 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TXN at http://www.zacks.com/ap/TXN
Keywords: Texas Instruments, Earnings Report