It was a rough Tuesday for Texas Instruments Incorporated (NASDAQ:TXN) as the company reported on its latest quarter, but missed expectations.
The semiconductors manufacturer saw its earnings decline by 67% year-over-year to $344 million in the quarter ended Dec. 31, due in part to the recent tax reform laws that hit the U.S.
Net revenue was slightly higher than expected at $3.75 billion, topping the $3.74 billion that analysts were calling for. The figure rose 9.8% compared to the year-ago mark.
“Revenue increased 10 percent from the same quarter a year ago. Demand for our products continued to be strong in the industrial and automotive markets,” said CEO Rick Templeton in a press release.
Texas Instruments’ biggest business was its analog chips division, which was 11% better compared to the year-ago mark. Its embedded processing unit was impressive, posting a 20% gain year-over-year.
The company released its forecast for the current quarter, which is expected to bring in between $1.01 to $1.17 per share, while revenue is slated to be in the range of $3.49 billion and $3.79 billion.
Texas Instruments makes analog chips to calculate changes in sound and temperature for various industries, while also creating chips for the automotive sector.
TXN stock fell about 5% after the bell Tuesday.
