Texas Instruments Cuts Forecast

Shares fall in after-market trading.
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Texas Instruments

(TXN) - Get Report

reduced its sales and earnings projections for the fourth quarter, an outlook that sent its shares lower in extended trading Monday.

The Dallas-based chipmaker said it now expects revenue of $2.3 billion to $2.5 billion for the quarter, down from its previous estimate of $2.83 billion to $3.07 billion.

On the bottom line, Texas Instruments is forecasting earnings of 10 cents to 16 cents a share, well below its prior targeted range for a profit of 30 cents to 36 cents. Analysts surveyed by Thomson Reuters were expecting earnings of 31 cents a share and revenue of $2.91 billion.

Shares of Texas Instruments rose 26 cents, or 1.8%, to $14.82 in regular trading, but after the close, the stock slipped 20 cents to $14.62.

This article was written by a staff member of TheStreet.com.