UPDATE 1-Texas Instruments' 4th-qtr revenue outlook misses Street
SAN FRANCISCO, Oct 21 (Reuters) - Texas Instruments Inc forecast unexpectedly low fourth-quarter revenue, underscoring concerns about spotty demand for chips for cars, appliances, gadgets and industrial products.
TI said on Monday third-quarter revenue was $3.244 billion compared to $3.390 billion in the same quarter last year. In the fourth quarter, revenue will range from $2.86 billion to $3.10 billion, the company estimated.
Analysts on average had expected revenue of $3.226 billion for the third quarter and $3.116 billion for the current, fourth quarter, according to Thomson Reuters I/B/E/S.
The company posted third-quarter net income of $629 million, or 56 cents a share, compared to $784 million, or 67 cents a share, in the year-ago quarter.
It said fourth-quarter earnings per share would range from 42 cents to 50 cents.
Shares of Texas Instruments fell 2.78 percent in extended trade after closing up 0.69 percent at $40.99 on Nasdaq.