Texas Instruments, a chipmaker based in Dallas, exceeded Wall Street’s expectations for the first quarter and provided sales guidance that was above expectations, while earnings guidance was in line for the second quarter. This positive news caused TXN stock to rise in after-hours trading.
In the March quarter, Texas Instruments earned $1.20 a share on sales of $3.66 billion, outperforming analyst expectations of $1.07 a share on sales of $3.61 billion. However, the company experienced a 35% decline in earnings and a 16% decline in sales compared to the previous year. This marks the sixth consecutive quarter of declining sales and earnings for Texas Instruments, with analysts forecasting these declines to continue for at least the next two quarters.
Texas Instruments projected earnings of $1.15 a share on sales of $3.8 billion for the current quarter, based on the midpoint of its guidance. Analysts had anticipated earnings of $1.15 a share on sales of $3.74 billion. During regular trading hours, TXN stock rose more than 5% to close at 174.76 after it also increased by 1% during regular trading hours to 165.42 following the positive earnings report
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