Texas Instruments Cuts First-Quarter Guidance

DALLAS ( TheStreet) -- Texas Instruments ( TXN) slashed its first-quarter guidance, as the company said it still sees a reduction in demand for its wireless products.

The Dallas-based chipmaker lowered its first-quarter earnings outlook to 15 cents to 19 cents per share on a revenue range of $2.99 billion to $3.11 billion. It had previously seen earnings of 16 cents to 24 cents per share on a revenue range of $3.02 billion to $3.28 billion.

Analysts polled by Thomson Reuters expect Texas Instruments to report first-quarter results of 31 cents per share on revenue of $3.16 billion.

Shares were dropping in after-hours trading, down 1.9% to $31.98, according to Nasdaq.com.

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-- Written by Chris Ciaccia in New York

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