Texas Instruments 1Q Profit Falls On End-Market Weakness

By Ben Glickman

Texas Instruments posted lower profit in the first quarter after revenue declined across the company's end markets.

The Dallas-based chipmaker reported a profit of $1.11 billion, or $1.20 a share, in the quarter ended March 31, compared with $1.71 billion, or $1.85 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $1.07.

Revenue fell 16% to $3.66 billion, beating the $3.61 billion expected by analysts polled by FactSet.

Chief Executive Haviv Ilan said revenue declined 10% sequentially and the company weakness across all of its end markets. Revenue in TI's analog segment was down 14%, while revenue in embedded processing was down 22% from a year earlier.

TI expects revenue of $3.65 billion to $3.95 billion in the second quarter, compared with $4.53 billion a year earlier. Analysts polled by FactSet are expecting $3.74 billion.

The company guided for a per-share profit of $1.05 to $1.25 in the second quarter, compared with the $1.15 expected by analysts.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 23, 2024 16:31 ET (20:31 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.