Texas Instruments Inc. says its net income fell 11 percent in the fourth quarter while revenue fell even more.
Both results were slightly better than expectations.
The Dallas-based chipmaker said Tuesday that net income in the three months to Dec. 31 fell to $264 million, or 23 cents per share, from $298 million, or 25 cents per share, a year ago.
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Revenue fell 13 percent to $2.98 billion, slightly ahead of the $2.95 billion expected by analysts.
CEO Rich Templeton says TI continues to operate in a weak demand environment but that many customers had lean inventories, meaning an uptick in demand could create better results quickly.
For the full year, Texas Instruments earned $1.76 billion, or $1.51 per share, on revenue of $12.83 billion.