Texas Instruments Inc (TI) reported on Monday its second-quarter earnings fell 56 percent as sales were clipped by a weak economy that the company expects will “take some time” to strengthen.
But TI was heartened by an improvement from the first quarter, as customers started ramping up their inventory to more closely reflect demand.
“For us, it’s encouraging to see that revenue appears to have bottomed,” said Ron Slaymaker, vice president of investor relations.
However, “we don’t necessarily see a significant strengthening in the broader economy,” he said.
The Dallas-based chip maker earned US$260 million, or US$0.20 per share, compared with US$588 million, or US$0.44, in the same period a year ago.
Revenue fell 27 percent to US$2.46 billion from US$3.35 billion.
The results were better than what analysts had been expecting. In a survey by Thomson Reuters, analysts on average were forecasting a profit of US$0.18 per share on sales of US$2.41 billion.
Looking ahead, TI said it expects third-quarter earnings to come in at between US$0.29 and US$0.39 per share, and revenue to range from US$2.5 billion to US$2.8 billion.
Analysts are forecasting earnings of US$0.27 per share on revenue of US$2.52 billion.
Slaymaker said he doesn’t expect the company to cut any more jobs beyond what was announced in January. TI has said it plans to cut 3,400 jobs, or 12 percent of its work force, through layoffs or attrition. That’s on top of the 650 job cuts announced in October.
The two rounds combined are expected to save the company US$700 million a year.
MILESTONE: The foreign minister called the signing ‘a major step forward in US-Taiwan relations,’ while the Presidential Office said it was a symbol of the nations’ shared values US President Donald Trump on Tuesday signed into law the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the state department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct a review “not less than every five years.” It must then submit an updated report based on its findings “not later
A trial run of the north concourse of Taiwan Taoyuan International Airport’s new Terminal 3 is to commence today, the Ministry of Transportation and Communications said yesterday. The eight additional boarding gates would allow for more aircraft parking spaces that are expected to boost the airport’s capacity by 5.8 million passengers annually, Deputy Minister of Transportation and Communications Lin Kuo-shian (林國顯) said. The concourse, designed by a team led by British architect Richard Rogers, provides a refreshing space, Lin said, adding that travelers would enjoy the tall and transparent design that allows sunshine to stream into the concourse through glass curtain walls. The
The Presidential Office today thanked the US for enacting the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law, signed by US President Donald Trump yesterday, is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct such a review "not less than every five years." It must then submit an updated
Taiwanese prosecutors charged Tokyo Electron Ltd for failing to prevent staff from allegedly stealing Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) trade secrets, escalating a dispute involving two Asian linchpins of a chip industry increasingly vital to national and economic security. Prosecutors indicted the Japanese company on four counts of contravening the Trade Secrets Act (營業秘密法) and the National Security Act (國家安全法), they said in a statement yesterday. They’re asking a local court to rule in favor of their request for Tokyo Electron pay a fine of up to NT$120 million (US$3.8 million) for failing in its duty to prevent the alleged
RSS