Texas Instruments profit falls 56% but still beats estimates
ByABC News
July 20, 2009, 6:38 PM
DALLAS -- Chipmaker Texas Instruments says its second-quarter earnings fell 56% from a year ago, clipped by a weak economy that the company expects will "take some time" to strengthen.
The Dallas-based company earned $260 million, or 20 cents a share, compared with $588 million, or 44 cents, in the same period a year ago.
Revenue fell 27% to $2.46 billion from $3.35 billion.
But the results were better than what analysts had been expecting. In a survey by Thomson Reuters, analysts on average were forecasting a profit of 18 cents a share on sales of $2.41 billion.
Shares of TI fell 4 cents to $23.57 in after-hours trading Monday. The stock rose 60 cents to $23.61 during the regular session.
