SerpApi.Org
Texas InstrumentsTXN late Wednesday beat Wall Street's targets for the second quarter and guided higher than views for the current period. But TXN stock fell in extended trading.
The Dallas-based chipmaker earned $2.14 a share on sales of $5.46 billion in the June quarter. Analysts surveyed by FactSet had expected earnings of $1.94 a share on sales of $5.26 billion in Q2. On a year-over-year basis, Texas Instruments earnings rose 52% while sales increased 23%.
TI's earnings per share included a 5-cent benefit that was not in the company's original guidance.
"Revenue increased 13% sequentially and 23% from the same quarter a year ago with broad growth led by industrial, data center and automotive," TI Chief Executive Haviv Ilan said in a news release.
For the current quarter, Texas Instruments expects to earn $2.40 a share on sales of $5.9 billion. That's based on the midpoint of its guidance. Analysts had been modeling TI earnings of $2.18 a share on sales of $5.63 billion for the third quarter. In the same quarter last year, Texas Instruments earned $1.48 a share on sales of $4.74 billion.
TXN Stock Retreats After Report
In after-hours trading on the stock market today, TXN stock dropped 2.7% to 286.30. During the regular session, Texas Instruments shares rose 1% to close at 294.19.
On April 20, TXN stock broke out of a cup base at a buy point of 231.32, according to IBD MarketSurge charts. It reached a record high of 334.03 on June 22 before retreating during the recent semiconductor stock sell-off.
Texas Instruments makes analog and embedded processing chips for markets such as industrial, automotive, data center, personal electronics and communications equipment.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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