Texas Instruments Beats Q3 Forecasts
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DALLAS (AP) - Texas Instruments Inc. has reported a third-quarter profit of $798 million.
The Dallas-based company said Wednesday that it had a pre-share profit of 76 cents.
TI's results exceeded Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The chipmaker posted revenue of $3.43 billion in the period, which also beat Street forecasts. Fourteen analysts surveyed by Zacks expected $3.28 billion.
For the current quarter ending in December, Texas Instruments said it expects revenue in the range of $3.07 billion to $3.33 billion. Analysts surveyed by Zacks had expected revenue of $3.12 billion.
Texas Instruments shares have fallen almost 3 percent since the beginning of the year. The Standard & Poor's 500 index has dropped roughly 2 percent.
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