Market Updates
TI Earnings Drop 75%
Elena
24 Jul, 2007
New York City
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The company said Q2 net income was $610 million, or 42 cents per share, down from $2.39 billion, or $1.50 per share. Quarterly revenue stood at $3.42 billion, down from $3.7 billion last year, due to a weaker demand for a broad range of products. The financial results met the average analyst expectations of earnings of 42 cents per share on $3.45 billion in revenue. Company''s shares fell 3.3% in pre-market trading.
[R]8:00AM Texas Instruments posted 75% earnings drop in Q2.[/R]
Texas Instruments Inc. ((TXN)), the world''s largest supplier of chips used in mobile phones, reported 75% earnings drop in Q2, compared with the year-ago period. The company said net income for Q2 was $610 million, or 42 cents per share, down from $2.39 billion, or $1.50 per share. Quarterly revenue stood at $3.42 billion, down from $3.7 billion in the year-ago period, due to a weaker demand for a broad range of products. The financial results met the average analyst expectations of earnings of 42 cents per share on $3.45 billion in revenue.
Last year, the chipmaker's Q2 earnings were lifted by the $1.65 billion sale of its sensors business, as well as a $70 million royalty settlement and a $57 million sales tax refund. Texas Instruments projected Q3 earnings of 46 cents to 52 cents per share on revenue of $3.49 billion to $3.79 billion. Analysts expect earnings in the same range with quarterly sales of $3.7 billion. Company's shares fell 3.3% in pre-market trading.
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