Texas Instruments Cuts Forecast

Texas Instruments (TXN Quote) reduced its sales and earnings projections for the fourth quarter, an outlook that sent its shares lower in extended trading Monday.

The Dallas-based chipmaker said it now expects revenue of $2.3 billion to $2.5 billion for the quarter, down from its previous estimate of $2.83 billion to $3.07 billion.

On the bottom line, Texas Instruments is forecasting earnings of 10 cents to 16 cents a share, well below its prior targeted range for a profit of 30 cents to 36 cents. Analysts surveyed by Thomson Reuters were expecting earnings of 31 cents a share and revenue of $2.91 billion.

Shares of Texas Instruments rose 26 cents, or 1.8%, to $14.82 in regular trading, but after the close, the stock slipped 20 cents to $14.62.