LOS ANGELES – Texas Instruments Inc. (TXN), the world's largest maker of chips for cell phones, Tuesday posted a nearly four-fold increase in its quarterly profit with record revenue in its wireless business.
Dallas-based Texas Instruments reported a net profit of $441 million, or 25 cents per share, for the second quarter, compared with a year-earlier profit of $121 million, or 7 cents per share. Revenue rose to $3.24 billion from $2.34 billion a year earlier.
The consensus of analysts polled by Reuters Estimates was for earnings per share of 25 cents on revenue of $3.23 billion. In June TI said it expected earnings per shor the current quarter, TI said it expects revenue of $3.2 billion to $3.44 billion and earnings per share of 26 cents to 29 cents. Analysts were expecting earnings per share of 28 cents on revenue of $3.39 billion in the September quarter.
The company said the quarter was boosted in particular by record revenues for wireless and high-performance analog processors, among others.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox