Texas Instruments’ profit, sales soar amid rebound in demand
NEW YORK — Texas Instruments Inc.’s second-quarter profit and revenue jumped as demand continued to recover, yet investors had expected even better results.
Shares fell more than 5 percent after the chipmaker’s report was released Monday.
TI said net income nearly tripled to $769 million, or 62 cents per share, for the quarter that ended June 30. In the same period last year, TI earned $260 million, or 20 cents per share.
Revenue rose 42 percent to $3.5 billion, matching the average analyst forecast. It was $2.46 billion in the same period last year.
With the second-quarter results, the Dallasbased company has recovered to pre-recession levels.