Texas Instrumentsbeat earnings forecasts Monday and posted better-than-expected revenue, sending shares higher in afteroon trading.
The chipmaker, which is recovering from an industry-wide decline in chip demand due to the global recession, said it earned 42 cents a share in its third quarter on sales of $2.88 billion, compared with 43 cents a share on sales of $3.39 billion in the same period last year.
Analysts who follow Texas Instruments expected the company to turn in a gain of 39 cents a share on sales of $2.82 billion, according to a consensus from Thomson Reuters.
TI shares rose almost 3 percent in extended trading Monday. They closed at $23.50.