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CORRECTED-UPDATE 1-Texas Instruments' 3rd-quarter revenue exceeds Wall Street view
October 20, 2014 / 8:57 PM / 3 years ago

CORRECTED-UPDATE 1-Texas Instruments' 3rd-quarter revenue exceeds Wall Street view

(Corrects second paragraph to refer to third quarter, not second quarter)

By Noel Randewich

SAN FRANCISCO, Oct 20 (Reuters) - Texas Instruments Inc posted third-quarter revenue of $3.50 billion, up 8 percent from the year-ago period, and above expectations on Wall Street following recent concerns about weak industry demand.

Texas Instruments said on Monday its third-quarter net income rose 31 percent to $826 million. Its earnings per share were 76 cents.

The Dallas, Texas-based company, which makes chips for cars, industrial machines, communications and other markets, forecast fourth-quarter revenue of $3.13 billion to $3.39 billion. The mid-point of TI’s revenue guidance is about $26 billion.

Analysts on average had expected revenue of $3.46 billion for the third quarter and $3.24 billion for the fourth quarter, according to Thomson Reuters I/B/E/S.

Texas Instruments’ results came after Chandler, Arizona-based Microchip on Oct 9 warned of weak demand in China that would soon become visible across the chip industry, sparking a broad selloff in chip stocks.

The chipmaker said its fourth-quarter earnings per share would range from 64 cents to 74 cents.

Shares of TI rose 2.23 percent in extended trade after closing up 1.69 percent at $44.41 on Nasdaq. (Reporting by Noel Randewich; Editing by Bernard Orr and Gunna Dickson)

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