Texas Instruments 2Q profit falls 56 percent

July 20, 2009

(AP) -- Chip maker Texas Instruments says its second-quarter earnings fell 56 percent from a year ago, clipped by a weak economy that the company expects will "take some time" to strengthen.

The Dallas-based company earned $260 million, or 20 cents per share, compared with $588 million, or 44 cents, in the same period a year ago.

Revenue fell 27 percent to $2.46 billion from $3.35 billion.

But the results were better than what analysts had been expecting. In a survey by Thomson Reuters, analysts on average were forecasting a profit of 18 cents per share on sales of $2.41 billion.

Shares of TI fell 4 cents to $23.57 in after-hours trading Monday. The stock rose 60 cents to $23.61 during the regular session.

©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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