Nonetheless, March pointed to the fact that Texas Instruments enjoyed a third-quarter beat on both the top and bottom lines.
"From a highlight standpoint, our revenue and earnings exceeded expectations," said March. "[Investors] were probably pleasantly surprised with the quarter we turned in and that revenues came in above what was expected and earnings came in quite a bit above what was expected."
The chip maker brought in revenue of $3.39 billion, down from $3.47 billion in the same period last year. Analysts surveyed by Thomson Reuters were looking for revenue of $3.34 billion. The revenue came in above the mid-point of Texas Instruments' projected range of $3.27 billion to $3.42 billion.
Texas Instruments earned 67 cents a share in the September-ended quarter, up from 51 cents a share in the prior year's quarter. The company's latest earnings number, however, includes 7 cents of charges associated with the company's acquisition of National Semiconductor and a benefit of 22 cents a share for changes in taxes and a Japanese pension program.Excluding those items, the company's adjusted earnings would be 52 cents a share in the latest quarter. Wall Street was looking for a profit of 46 cents a share. The Qualcomm (QCOM) and Texas Instruments (TXN) had projected earnings between 38 cents a share and 42 cents a share. The company's shares dipped 0.57% to $27.68 on Wednesday. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.
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