Texas Instruments Shares Slump After Disappointing Results, Outlook

Shares of Texas Instruments Inc. slumped 6.7% in after-hours trade Wednesday, after the semiconductor maker missed first-quarter profit and sales expectations, and provided a downbeat second-quarter outlook. Shares of Texas Instruments Inc. slumped 6.7% in after-hours trade Wednesday, after the semiconductor maker missed first-quarter profit and sales expectations, and provided a downbeat second-quarter outlook. Earnings for the quarter ended in March rose to $656 million, or 61 cents a share, from $487 million, or 44 cents a share, in the same period a year ago, but came up short of the FactSet consensus of 62 cents a share. Revenue rose 6% to $3.15 billion, just below the FactSet consensus of $3.2 billion. For the current quarter, the company is projecting EPS of 60 cents to 70 cents, and revenue of $3.12 billion to $3.38 billion, below the FactSet consensus estimates of 73 cents and $3.44 billion, respectively, as the company expects weakness in the communications equipment and personal electronics markets to continue. The stock has run up 9.9% year to date through Wednesday's close, compared with a 2.4% rise in the S&P 500.