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Texas Instruments forecasts Q1 revenue above estimates on strong chip demand

BY Reuters
— 4:13 PM ET 01/25/2022

(Reuters) -Texas Instruments Inc (TXN) forecast current-quarter revenue above Wall Street estimates on Tuesday, betting on strong demand for its chips used in cars, smartphones and laptops, sending its shares up 6% in extended trading.

As demand for electronics including smartphones and consumer gadgets has risen faster than expected during the pandemic, semiconductor makers have doubled down on production, even as COVID-19 has hampered general operations and logistics.

Texas Instruments (TXN) analog and embedded processing chips are used in a range of products that cater to a broad market, lowering the risk from dependence on a single customer segment.

The company said it expects first-quarter revenue between $4.5 billion and $4.9 billion. Analysts on average estimate revenue of $4.37 billion, according to IBES data from Refinitiv.

Texas Instruments (TXN) fourth-quarter revenue rose 19% to $4.83 billion, topping analysts' expectations of $4.43 billion, driven by strong demand in industrial and automotive markets.

Net income rose to $2.14 billion, or $2.27 per share, during the quarter ended Dec. 31, compared with $1.69 billion, or $1.80 per share, a year earlier.

Earlier this month, Taiwanese chip firm TSMC forecast multi-year growth on booming semiconductor demand and said it expects to lift capital spending to between $40 billion and $44 billion this year, compared with $30 billion it spent last year.

(Reporting by Yuvraj Malik, Tiyashi Datta and Amruta Khandekar in Bengaluru; Editing by Vinay Dwivedi)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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