Texas Instruments Inc. Monday (July 21) posted lower quarterly profit and revenue as growth in analog chips was offset by weakness in its wireless chip business.
TI, which makes chips for everything from cell phones to industrial equipment, reported second-quarter profit fell to $588 million, or 44 cents per share, from $614 million, or 42 cents a share, in the year-ago quarter. Revenue dropped to $3.35 billion from $3.42 billion.
Last month, TI forecast second-quarter earnings of 43 cents to 47 cents per share on revenue of $3.33 billion to $3.46 billion.
Its shares have fallen 12 percent since the end of last year as investors worried about high-end phone demand and TI's loss of business to rivals at customers such as Nokia Oyj and Ericsson . (Reporting by Sinead Carew; editing by Jeffrey Benkoe)