Investors were hitting the "off" button on shares of Texas Instruments Inc. (TXN) - Get Report  in premarket trading on Wednesday, Jan. 24, following the chipmaker's earnings release.

Shares were down more than 7% after the Dallas-based company failed to top Wall Street's bottom-line expectations for the first time in at least two years.

Texas Instruments earned $1.09 a share on an adjusted basis in the quarter, matching Wall Street's estimates, on revenue of $3.75 billion vs. expectations of $3.74 billion. 

Texas Instruments also said that it expected revenue growth to decline to 7% in the current quarter from 10% the previous quarter. That level is below the 12% to 13% revenue growth the company reported in the first three quarters of 2017.

The company also said that it took a 75-cent hit to EPS from tax-related expenses not in the company's original guidance. 

For the current quarter, the company expects to earn between $1.01 and $1.17 a share on revenue between $3.49 billion and $3.79 billion. Wall Street predicts first-quarter earnings of $1.06 a share on revenue of $3.63 billion.

Texas Instruments expects the new U.S. tax law to reduce its annual operating tax rate to 18% beginning next year from 31% last year. It expects its 2018 tax rate to be 23%. 

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