Texas Instruments Cuts Outlook
NEW YORK (TheStreet) -- Texas Instruments (TXN) lowered its fourth-quarter outlook Thursday, saying it's seeing weak demand just about everywhere with wireless chips the sole exception.
The Dallas-based semiconductor maker, whose products are used in tablets, smartphones, and a wide variety of other electronics, now sees earnings of 21 to 25 cents a share for the quarter ending this month with revenue expected to range from $3.19 billion and $3.33 billion.
The company's previous view was for earnings of 28 to 36 cents per share on revenue of $3.26 billion to $3.54 billion in the quarter.
The current average estimate of analysts polled by Thomson Reuters is for a profit of 48 cents a share in the quarter on revenue of $3.41 billion.
In its statement, TI cited "lower demand across a wide range of markets, customers and products, except for Wireless applications processors" for the view. The stock was last quoted at $28, down 6.4%, on after-hours volume of nearly 600,000. --Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: tips@thestreet.comSelect the service that is right for you!
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