Texas Instruments misses Q4 targets
Profit still up 22 per cent
Chipmaker Texas Instruments today recorded profit up 22 per cent for the fourth quarter, but missed Wall Street targets.
The Dallas-based company, which makes chips for mobile phones, saw net income of $549 million, compared to $448 million for the same period the previous year. But earnings dipped seven per cent from the third quarter of 2000.
Earnings were 31 cents per share - up on last year's 25 cents, but below the forecasted 33 cents.
It also said it expected sales to drop in the first quarter. Revenue for Q4 was $3.03 billion, up 15 per cent on the previous year, but three per cent down sequentially. Semiconductor sales accounted for $2.6 billion, up 18 per cent on the previous year's Q4.
"TI expects its revenue to decline about 10 percent sequentially in the first quarter as semiconductor customers continue to work through excess inventory during this seasonally slower period," the company said in a statement.
It added that "the weakening world economy" prevented it from forecasting market conditions for the rest of the year. ®