NEW YORK (TheStreet) -- Shares of Texas Instruments Inc. (TXN) are higher by 4.39% to $48.50, after the semiconductor company said second quarter profit may be higher than analysts' estimates as demand increases for chips used in cellular networks, Bloomberg reports.
The company said net income will be 55 cents to 63 cents a share on sales of $3.14 billion to $3.4 billion.
Yesterday, Texas Instruments reported first quarter net income of $487 million, or 44 cents a share, compared to $362 million, or 32 cents a share, a year ago.
Revenue was up 3.4% to $2.98 billion.
Both numbers beat analysts estimates of 41 cents a share on $2.96 billion of sales.
TheStreet Ratings team rates TEXAS INSTRUMENTS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TEXAS INSTRUMENTS INC (TXN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."