Texas Instruments forecast second-quarter revenue below Wall Street estimates on Tuesday (Apr 26), sending its shares down 3.63 percent.
Texas Instruments expects second-quarter revenue to be between US$4.20 billion and US$4.80 billion, compared to analysts' expectations of US$4.94 billion, according to IBES data from Refinitiv.
While Texas Instruments struggles with slowing demand in some markets such as PCs, a shortage of components and equipment to make chips has also hurt its ability to ramp up production to meet strong demand from other markets, including automotive.
The semiconductor manufacturing company reported earnings per share of $2.35 on revenue of $4.91 billion. Those figures beat analyst estimates of $2.18 per share on revenue of $4.74 billion. Earnings per share included a 2-cent benefit for items not in the company's original guidance.
Total revenue in the first quarter was US$4.91 billion compared with US$4.29 billion a year earlier. Analysts were expecting revenue of US$4.74 billion, according to IBES data from Refinitiv. Revenue grew 14% from the same quarter a year ago, largely due to growth in industrial and automotive, the company said.
The company sees second-quarter earnings per share between $1.84 and $2.26.