TI Exceeds Earnings Expectations
Rallying at the last minute, the chip maker Monday posted second-quarter earnings that beat its lowered expectations.Rallying at the last minute, chip maker Texas Instruments Inc. on Monday posted second-quarter earnings that beat its lowered expectations from a month ago. The Dallas company posted a net income of $121 million, or seven cents a share, for the quarter. This compares with $95 million, or five cents a share, a year earlier. Revenue was $2.34 billion, up from $2.16 billion for the year-ago quarter and $2.19 billion for the first quarter of 2002. This was a slightly higher sequential growth than the company had expected.
In June, TI lowered its expectations, blaming weak demand for wireless products in Asia because of the SARS outbreak.