The Dallas-based company has the largest customer list in the semiconductor industry — making its projections an indicator of demand across the economy.
One of the pioneers of the chip industry, Texas Instruments is the largest maker of analog and embedded processing chips, which go into products as varied as factory equipment and space hardware.Texas Instruments Inc., whose chips go into everything from home appliances to missiles, dropped as much as 6.1% in late trading after its quarterly forecast signaled that the semiconductor industry’s slump is spreading beyond computing and phones.
“During the quarter, we experienced expected weakness in personal electronics and expanding weakness across industrial,” Chief Executive Officer Rich Templeton said in the statement. Overall, orders have worsened and cancellations have increased as the current quarter has progressed, Texas Instruments said.
Third-quarter net income rose to $2.47 a share, Texas Instruments said. Revenue climbed 13% to $5.24 billion. The company had posted double-digit percentage increases for six straight quarters coming in to Tuesday’s results.
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