After the bell Monday, Texas Instruments (NASDAQ:TXN) reported that its second-quarter net income fell 34%, from $672 million (56 cents per share) last year to $446 million (38 cents per share) this year. Backing out a 6-cent charge for its acquisition of National Semiconductor, TXN’s adjusted earnings of 44 cents beat Thomson Reuters estimates for 41 cents.
Revenue declined 3.6% to $3.34 billion, which fell short of a predicted $3.5 billion in revenue.
Texas Instruments also unveiled a third-quarter forecast that fell short of analyst expectations. The company said it expected Q3 earnings to fall in a range of 41-49 cents per share, with revenues in a range of $3.21 billion-$3.47 billion. The Street consensus is for earnings of 50 cents per share with revenues of $3.54 billion.
TXN shares barely budged in response in after-market trading.
– Ryan Hauck, InvestorPlace