Texas Instruments shares slip after missing on revenue and offering weak 4Q guidance
Texas Instruments Inc (NASDAQ:TXN) shares sank after the company fell short on revenue in its third-quarter results while its fourth-quarter outlook missed guidance.
The tech company reported earnings of $1.58 per share on revenue of $4.26 billion compared with $1.26 EPS on revenue of $4.12 billion in the previous year’s third quarter.
READ: Texas Instruments shares jump after dividend increase and US$12bn stock buyback
The Texas-based company beat Wall Street estimates of $1.53 EPS, but fell below revenue expectations of $4.3 billion.
Shares were down nearly 5% to $95.45 in Tuesday after-hours trading.
Analog revenue grew 8 percent while its Embedded Processing segment declined 4 percent compared with the previous third quarter.
The semiconductor company is perhaps best known for its high-tech calculators, but also performed well in the industrial and automotive markets.
Texas Instruments’ outlook for the fourth quarter came in below analyst estimates.
The company is expecting earnings per share between $1.14 and $1.34 on revenue of $3.60 billion to $3.90 billion versus analyst consensus of $1.38 EPS on revenue of $4 billion.
Texas Instruments recently raised its dividend by 24% to $0.77 per share from $0.62 per share, payable November 19 to shareholders of record on October 31.
Its board also authorized a stock buyback of $12bn worth of shares on top of previously announced $7.4bn repurchase program.
Contact Lenore Fedow at [email protected]
Follow her on Twitter: @LenoreMariee
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/207705/texas-instruments-shares-slip-after-missing-on-revenue-and-offering-weak-4q-guidance-207705.html
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