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.
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