Texas Instruments Cuts 4th Quarter EPS

Texas Instruments
Daniel Acker | Bloomberg | Getty Images

Texas Instruments on Monday cut its earnings target for the fourth quarter because of hefty charges for a restructuring of its wireless business.

The chip maker said it now expects current-quarter earnings per share in a range of 5 to 9 cents compared with its previous expectation of 23 to 31 cents.

The new target includes a charge of 21 cents a share related to the company's November announcement that it will cut 1,700 jobs as it moves out of the market for application chips in cell phones.

It forecast revenue of $2.89 billion to $3.01 billion from its previous expectation for $2.83 billion to $3.07 billion.