Reuters
Texas Instruments chief says US economy recovering
Wednesday September 17, 11:45 am ET
SAN FRANCISCO, Sept 17 (Reuters) - Texas Instruments Inc. (NYSE:TXN - News) Chairman and Chief Executive Tom Engibous on Wednesday said the U.S. economy is clearly recovering, and sales of microchips will grow faster than analysts have predicted amid a rise in demand for advanced chips in consumer electronics.
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"We are clearly in that recovery mode," Engibous told Reuters after a presentation at a Banc of America Securities (News - Websites) investor conference. "Corporate America is more focused on revenue growth than cost cutting."
However, Engibous noted that job growth continues to lag improving outlooks on the economy among corporate chief executives.
Engibous, speaking at the conference, said he expects growth rates for the chip industry to exceed the 10 percent annual growth forecast issued recently by the Semiconductor Industry Association as advanced microchips expand the capabilities of consumer electronics including mobile phones.
Engibous said Texas Instruments, the top supplier of microchips for cellular phones, is moving aggressively into the consumer electronics market, where products are increasingly adding wireless chips to enable access to networks.
Separately, Texas Instruments on Wednesday introduced a low-power wireless networking chip for use in mobile phones. The chip, which the company said will appear in mobile phones in the second half of next year, can communicate with two types of popular high-speed wireless networks. |
