Shares of Texas Instruments Inc. (TXN) - Get Report fell in after-hours trading Tuesday after the computer chip maker reported lighter-than-expected third-quarter revenue and forecast fourth-quarter results below analysts' projections.
The stock lost $9.20, or 7.2%, to $119.37 in after-hours trading.
The company posted third-quarter revenue of $3.77 billion. Analysts surveyed by FactSet were expecting $3.8 billion. Earnings per share came in at $1.40, excluding a 9-cent benefit for "items that were not in the company's original guidance," TI said in a statement. Analysts had been expecting the company to make $1.42 a share.
For the fourth quarter, Texas Instruments forecast revenue between $3.07 billion to $3.33 billion, and earnings per share between 91 cents and $1.09.
Analysts surveyed by FactSet were looking for revenue of $3.6 billion and EPS of $1.28.
The company's CEO, Rich Templeton, said in a statement that "Revenue decreased 11% from the same quarter a year ago, as most markets weakened further."
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