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Msg  920 of 923  at  10/24/2023 11:35:28 PM  by

jerrykrause


Texas Instruments Beat Earnings. Why Its Stock Is Dropping.

Texas Instruments Beat Earnings. Why Its Stock Is Dropping.

. 
; New York
 
 

Texas Instruments earnings topped estimates but its stock was dropping in after-hours trading Tuesday after the chip maker provided a revenue forecast for the December quarter below expectations.

For the September quarter, the semiconductor company reported earnings per share of $1.85, compared with Wall Street's consensus estimate of $1.82, according to FactSet. Revenue came in at $4.53 billion, which was below analysts' expectations of $4.6 billion.

Guidance was also weak. Texas Instruments (ticker: TXN) gave a revenue forecast range for the current quarter of $3.93 billion to $4.27 billion—which was below consensus of $4.5 billion.

"During the quarter, automotive growth continued and industrial weakness broadened," CEO Haviv Ilan said.

Texas Instruments shares fell by 4.9% to $139.75 in after-hours trading Tuesday.

The chip maker sells the basic building-block chips that go into products in nearly every sector of the economy from autos and industrials to consumer electronics.

Texas Instruments stock is down 11% this year, compared with the 32% rise for the iShares Semiconductor ETF (SOXX). The ETF tracks the performance of the ICE Semiconductor Index.

 


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