Texas Instruments profit triples
Texas Instruments (TI) makes a strong second quarter. The U.S. manufacturer of electronic components announced after the close of Wall Street on Monday, having tripled its profit in the period. It reached 769 million dollars against 260 million a year earlier to the same period, an increase of 196%. Per share, this equates to a net profit of 62 cents, in line with analysts' consensus.
Revenues climbed 42% year on year to 3.496 billion dollars and 9% versus the first quarter. "Our activities have included analog chip and reached a double digit growth compared to the previous quarter, rising faster than the market average", says CEO Rich Templeton.
However, the announcement disappoints Wall Street. In exchange after exchange, securities fell by 5.64% to 24.11 dollars my credit score.Indeed, analysts projected a turnover of 3.52 billion. In a conference call, TI said that the turnover of the second quarter was affected by the decision of a major mobile client not to replenish stocks as much as expected.
For the rest, the group is optimistic. It expects a turnover of between 3.55 and 3.85 billion with earnings per share between 64 and 74 cents. It ranges over observers who rely on a turnover of 3.59 billion for earnings per share of 64 cents. "Orders were strong this quarter, the backlog has increased and we expect further growth of our revenues in the third quarter," he assured Rich Templeton.