Updated From 5:17 p.m. EDT
The chipmaker said Monday that sales increased 7% sequentially to $3.42 billion in the three months ended June 30, in line with analysts' expectations. On a year-over-year basis, TI's sales were down 7%, due to what it said was lower demand across a broad range of products.
TI posted a net income of $610 million, or 42 cents a share, also in line with the average analyst expectation, according to Thomson Financial.At this time a year ago, TI posted a net income of $2.39 billion, or $1.50 a share, although those results included gains from the sale of its sensors and controls business. Excluding those gains, TI's net income last year was $739 million, or 47 cents a share. After hours, shares recently fell 3.3%, or $1.28, to $36.90. "Our attention to customers and growing focus on analog continue to help us deliver stronger financial results," CEO Rich Templeton said in a statement. "Moreover, we see even greater opportunities ahead as the market regains momentum." Templeton said the company sees potential to expand its profit margins, and noted that TI expects to meet is