Texas Instruments revenue beats Street, warns of weak demand

Jan 22 (Reuters) - Texas Instruments Inc on Tuesday posted quarterly revenue that was ahead of Wall Street expectations but the chip maker warned of weak demand.

TI, which makes chips for everything from industrial equipment to cars, said its profit fell to $264 million or 23 cents per share compared with $298 million or 25 cents per share in the year-ago quarter.

Revenue fell to $2.98 billion from $3.42 billion but was ahead of Wall Street expectations for $2.95 billion according to Thomson Reuters I/B/E/S.

On Dec. 10 the company had forecast fourth quarter revenue of $2.89 billion to $3.01 billion and earnings per share of 5 cents to 9 cents, including 21 cents per share of charges from its previously announced restructuring of its wireless business.

TI shares fell slightly in late trade after closing at $33.46 in the regular Nasdaq session.