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Texas Instruments Shares Surge On Upbeat Outlook

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Apr 24, 2007 9:30 am US/Central

Texas Instruments Shares Surge On Upbeat Outlook

DALLAS (AP) ― Texas Instruments says it's emerging from an inventory glut and expects stronger growth in the coming months.

The Dallas-based computer chip maker credits rebounding demand for its chips, which are used in a variety of electronic gadgets such as cell phones.

The upbeat prediction comes as TI handily beat Wall Street's earnings estimates despite a 12 percent drop in first-quarter earnings.

Texas Instruments said it earned $516 million, or 35 cents per share, in the most recent quarter.

That compares with $585 million, or 36 cents per share, a year earlier.

Revenue fell to $3.19 billion from $3.33 billion a year ago.

Analysts expected 31 cents per share profit on sales of $3.15 billion for the January-March quarter, according to a survey by Thomson Financial.

(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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