Texas Instruments Inc. says its net income fell 20 percent in the third quarter.
The Dallas-based chipmaker on Monday said it expects earnings per share of 42 cents to 50 cents in the last three months of the year, below the 51 cents that analysts polled by FactSet predicted. It expects revenue of $2.86 billion to $3.1 billion, also below the $3.11 billion analysts forecast.
For the three months to Sept. 30, net income came to $629 million, or 56 cents per share, from $784 million, or 67 cents per share, in the same period a year ago.
Revenue fell 4 percent to $3.24 billion. Analysts expected a deeper drop, to $3.23 billion.
TI's revenue has been hurt by declines in its legacy wireless business.
Copyright AP - Associated Press
