Updated from 5:13 p.m. EDT
slipped after the company narrowed its target range for second-quarter earnings per share and slightly lowered revenue expectations.
TI's stock was recently off 65 cents, or 1.8%, to $35.14.
In its midquarter update Monday, the diversified electronics maker forecast earnings of 40 cents to 44 cents a share, which lowers the upper range of its earlier guidance of 39 cents to 45 cents. On average, analysts were expecting earnings of 42 cents a share, which matches the midpoint of the revised guidance.
TI also said that it expects revenue in the range of $3.36 billion to $3.51 billion. The midpoint of the revised range is slightly lower than analysts' views of $3.46 billion, and also below the midpoint of the company's previously forecasted range of revenue.
The company also modified its projection for revenue from semiconductor sales. The company expects revenue of $3.2 billion to $3.34 billion. The new forecast lowers the upper range of the previous forecast of $3.14 billion to 3.40 billion.
Texas Instruments is the largest supplier of semiconductors for cell phones and counts the top two cell phone makers,
, among its customers.
Texas Instruments also lowered its projected sales from educational technology to $160 million to $170 million from the previous range of $180 million to $200 million. The company said that the new estimate reflects a trend among retailers to delay purchases until closer to the beginning of the back-to-school shopping.