Texas Instruments (TXN) reported third quarter revenue and profit per share that beat analysts’ estimates.
Revenue in the three months ended in September was $3.47 billion, and earnings were $601 million, or 51 cents per share,� including 9 cents in charges from the acquisition of National Semiconductor, which was completed in September.
Analysts on average were looking for earnings near 58 cents per share without charges.
Earnings per share declined 28% compared to the third quarter of 2010. Weak demand, idle factories and charges for inventory obsolescence hurt profits.
“Economic uncertainty continues to weigh on demand in almost every major market segment in which we operate,” said CEO Rich Templeton. “Our revenue for the third quarter was higher than we expected though, overall, the quarter was below the seasonal average. We expect the same in the fourth quarter.”
The company spent $450 million in the quarter to repurchase 14.1 million shares.
Texas Instruments shares shares rose/fell $0.44, or 1.23%, to $31.30 in late trading.
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