Texas Instruments beats Street 3Q forecasts
DALLAS (AP) — Texas Instruments Inc. (TXN) on Wednesday reported third-quarter profit of $798 million.
The Dallas-based company said it had profit of 76 cents per share.
The results exceeded Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The chipmaker posted revenue of $3.43 billion in the period, which also beat Street forecasts. Fourteen analysts surveyed by Zacks expected $3.28 billion.
For the current quarter ending in December, Texas Instruments said it expects revenue in the range of $3.07 billion to $3.33 billion. Analysts surveyed by Zacks had expected revenue of $3.12 billion.
Texas Instruments shares have fallen almost 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has dropped roughly 2 percent. In the final minutes of trading on Wednesday, shares hit $51.90, a rise of 11 percent in the last 12 months. In after-hours extended trading, the stock jumped nearly 9 percent, or $4.60, to $56.50.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TXN at http://www.zacks.com/ap/TXN
Keywords: Texas Instruments, Earnings Report