TEXAS INSTRUMENTS posted a smaller-than-expected drop in quarterly profit and announced it was cutting 12 percent of its workforce, SENDING SHARES OF THE CHIP MAKER UP 3.5% AFTER HOURS !
cnbc.com
TI Profit Falls; Will Cut 12 Percent of Workforce
Topics:Internet | Technology | Information Technology
Sectors:Internet | TechnologyBy: By Reuters | 26 Jan 2009 | 05:37 PM ET Text Size NEW YORK (Reuters) - Texas Instruments [TXN 14.77 -0.22 (-1.47%) ] posted a smaller-than-expected drop in quarterly profit and announced it was cutting 12 percent of its workforce, sending shares of the chip maker up 3.5 percent after hours.
Nevertheless, TI warned that it could post a loss for the current quarter on falling demand for cell phone chips in the weak economy.
Net profit was $107 million, or 7 cents a share, in the fourth quarter, compared with $756 million, or 54 cents a share, in the year-ago quarter. It said that the latest quarter included restructuring charges of 13 cents per share.
Excluding special charges, profit was 21 cents a share, better than the 12 cents forecast by Wall Street, according to Reuters Estimates.
Revenue fell to $2.49 billion from $3.56 billion, but was better than the average analyst estimates for $2.37 billion.
RELATED LINKS
Current DateTime: 02:38:12 26 Jan 2009
LinksList Documentid: 21422835
Top Technology News
Tech Check with Jim Goldman
TI also said it was cutting 12 percent of jobs, including 1,800 layoffs and 1,600 voluntary departures, and warned that current quarter revenue would fall even further. |
