The initial version of this article featured an incorrect number for Texas Instruments’ analog revenue. This has now been corrected. Texas Instruments Inc. shares fell in extended trade Tuesday after the chip maker reported third-quarter revenue below analysts’ expectations and delivered weaker-than-expected guidance.
The chipmaker reported net income of $1.709 billion, or $1.85 a share, compared with net income of $2.295 billion, or $2.47 a share, in the same period last year. Earnings per share included a 5-cent benefit for items that were not in the company’s original guidance, Texas Instruments
said in a statement. Analysts surveyed by FactSet were looking for earnings of $1.82 a share. Third-quarter revenue was $4.532 billion, down from $5.241 billion in the same period last year. Analysts surveyed by FactSet were looking for sales of $4.579 billion. Analog revenue was $3.353 billion, down from $3.993 billion in the prior year’s quarter, and embedded processing revenue was $890 million, up from $821 million in the same period last year. Analysts surveyed by FactSet were looking for analog revenue of $3.296 billion and embedded processing revenue of $887 million. Related: Texas Instruments’ stock slips as continued capacity buildout amid growing inventory weighs on outlook “Revenue was flat sequentially and decreased 14% from the same quarter a year a …