Texas Instruments' profit, revenue beat estimates
(Reuters) - Texas Instruments Inc reported better-than-expected quarterly profit and revenue, helped by higher sales of its analog and embedded chips.
Shares of the company, which also forecast current-quarter profit that beat analysts' estimates, rose 9 percent in after-market trading on Wednesday.
Analog and embedded chip businesses comprised 85 percent of third-quarter revenue, the company said.
The analog business makes chips that convert real-world signals such as sound and temperature into digital data that can be processed by microprocessors, while the embedded chip business makes microcontroller chips and connectivity products.
TI forecast a profit of 64-74 cents per share and revenue of $3.07 billion-$3.33 billion for the fourth quarter ending December.
Analysts on average were expecting earnings of 62 cents per share and revenue of $3.12 billion, according to Thomson Reuters I/B/E/S.
Dallas-based TI said net income fell to $798 million from $826 million a year earlier. On a per share basis, earnings were flat at 76 cents.
Revenue fell 2 percent to $3.43 billion due to weak overall demand.
Analysts on average had expected revenue of $3.28 billion and profit of 67 cents per share.
TI's shares, which closed at $51.90, were trading at $56.75 after the bell in extended trading.
(Reporting by Sai Sachin R in Bengaluru; Editing by Savio D'Souza and Sriraj Kalluvila)
