(Reuters) – Texas Instruments Inc (TXN.O) on Tuesday reported better-than-expected results for the first quarter but forecast current-quarter revenue and profit largely below Wall Street estimates, as the chip industry braces for a big hit from the coronavirus outbreak.
FILE PHOTO: A Texas Instruments Office is shown in San Diego, California, U.S., April 24, 2018. REUTERS/Mike Blake
As TI supplies chips for everything from smart phones to automobiles and often reports earnings before other chipmakers, investors watch its results closely as a proxy for both the health of the chip industry and other sectors where semiconductors are key components.
Despite the forecast, investors buoyed TI’s shares in extended trading with a 2% rise, in part because some aspects of its business such as analog chips appeared to be little hurt by the coronavirus while the company maintained focus on staying profitable and returning dividends to shareholders.
The company said it was prepared for the…
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