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Texas Instruments Prunes Its Forecast

Andrew Harrer | Bloomberg | Getty Images

Texas Instruments said it expects second-quarter earnings of 39 to 43 cents a share. That's narrower than the 37 cents to 45 cents a share TI had previously projected but still in line with the consensus estimate of 42 cents a share, according to a survey by Thomson Reuters.

The company expects revenue of $2.99 billion to $3.11 billion, narrower than the $2.93 billion to $3.17 billion previously expected, but in line with the $3.06 billion expected.

As more smartphone makers have begun to develop their chips in-house, Texas Instruments has shifted its business strategy away from making chips for the mobile market and has instead been focusing on building chips for embedded applications, including the chips used in automobiles and industrial equipment.

What's Texas Instruments stock doing now? Click here for the latest after-hours quote.

This story is developing. Please check back for further updates.

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