Texas Instruments narrows 3Q revenue forecast
DALLAS (AP) — Chip maker Texas Instruments Inc. narrowed its revenue forecast for the current quarter and raised the low end of its earnings guidance, sending shares higher in after-hours trading.
The company now expects third-quarter revenue of $3.27 billion to $3.41 billion compared with the prior range of $3.21 billion to $3.47 billion.
TI is also forecasting earnings of 38 cents to 42 cents per share. In July, it forecast revenue earnings of 34 cents to 42 cents per share. The earnings estimate includes charges of 7 cents per share.
Analysts, on average, are expecting earnings of 38 cents per share on revenue of $3.34 billion, according to a poll by FactSet.
Semiconductors made by Dallas-based Texas Instruments, one of the world's biggest chipmakers, are used in communications infrastructure, automotive electronics and a wide range of other devices.
Shares rose 57 cents, or 2 percent, to $29.15 after hours. The stock had closed down 9 cents at $28.58 during the regular trading session.