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Texas Instruments narrowed its first-quarter forecast for earnings and revenue Monday after it said it was idling factories and reducing inventory after a sharp fall-off in demand.
TI, a maker of chips for everything from cellphones to industrial equipment, now expects to post first-quarter results ranging from a loss of 8 cents per share to breakeven. On Jan. 26, it forecast a range from a loss of 11 cents to a profit of 3 cents a share, including a restructuring charge of 3 cents per share.
It now expects revenue in a range of $1.79 billion to $2.05 billion, compared with its previous forecast ranging from $1.62 billion to $2.12 billion.
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L.m. Otero / AP |
Analysts, on average, expected revenue of $1.868 billion, according to Reuters Estimates.
TI, which trails Qualcomm [QCOM
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Its shares [TXN
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] fell after the news after closing at $14.69, down 2 cents on New York Stock Exchange.
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