Texas Instruments Profit In Line With Estimates, Sales Misses; Q3 Outlook Weak

(RTTNews) - Texas Instruments Inc (TXN), the world's biggest maker of analog chips, on Wednesday reported second-quarter net earnings of $686 million or $0.65 per share compared with $673 million or $0.62 per share last year.

Revenues for the quarter were down 2 percent at $3.23 billion compared with $3.29 billion in the prior year, hurt by weak demand in communications equipment.

Analysts polled by Thomson Reuters estimated earnings of $0.65 per share on revenues of $3.26 billion for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter was 58.2 percent, up 1 percentage point from a year ago.

For the third quarter, the company expects earnings of $0.62 to $0.72 per share on revenues of $3.15 billion to $3.41 billion. Analysts expect earnings of $0.75 per share on revenues of $3.47 billion.