Texas Instruments cutting jobs amid weaker outlook

Jan 22, 2014

Texas Instruments said Tuesday it is eliminating 1,100 jobs worldwide as the chipmaker moves away from slow-growing segments.

The news came as the company reported quarterly and annual profits in line with expectations, but offered a disappointing outlook for early 2014.

Chairman and chief executive Rich Templeton said TI would be taking restructuring charges for cost-saving actions in embedded processing—which include chips in connected everyday devices—and in Japan.

"The company is not exiting any markets or discontinuing any existing products but will reduce investments in markets that do not offer sustainable growth and returns," he said.

"The savings will reflect the elimination of about 1,100 jobs worldwide."

The company's fourth rose 94 percent from a year ago to $511 million. Its full-year was $2.2 billion, up 23 percent.

But its guidance for the first quarter of 2014 for revenue and profit was below most Wall Street analyst forecasts.

In 2012, the Dallas-based firm said it would cut back on chips for mobile phones to focus on processors for devices and applications "with long life cycles," including industrial equipment and the automotive sector.

Explore further: Intel 4Q net income rises 6 pct (Update)

add to favorites email to friend print save as pdf

Related Stories

Intel 4Q net income rises 6 pct (Update)

Jan 16, 2014

Intel's fourth-quarter net income rose 6 percent, as the company offset flat demand for its personal computer chips with higher sales of other products.

TI 4Q profit, revenue soar on broad chip demand

Jan 25, 2010

(AP) -- Texas Instruments Inc. said Monday its fourth-quarter profit soared as factories that use its chips for a wide range of consumer gadgets and industrial products hummed straight through the typically ...

Texas Instruments lowers 4Q outlook

Dec 09, 2011

(AP) -- Semiconductor maker Texas Instruments Inc. lowered its outlook for its fourth-quarter revenue and profit on Thursday, saying demand had weakened for a variety of products that use its chips.

Toshiba swings to profit as devices sell well

Jul 31, 2013

Japan's Toshiba on Wednesday reported $54 million in net profit for the April-June quarter, reversing a quarterly loss a year earlier, thanks to a weak yen and brisk sales of electronic devices.

Recommended for you

Verizon 2Q profit rises 93 percent

15 minutes ago

Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

Comcast 2Q earnings top views on Internet hookups

52 minutes ago

Comcast Corp.'s second-quarter net income rose 15 percent to nearly $2 billion as it added high-speed Internet customers at a faster pace than a year ago and video subscriber losses moderated.

Ex-Qualcomm exec pleads guilty to insider trading

15 hours ago

A former high-ranking executive of US computer chip giant Qualcomm pleaded guilty Monday to insider trading charges, including trades on a 2011 deal for Atheros Communications, officials said.

Media venture creates press litigation fund

16 hours ago

The media venture created by entrepreneur Pierre Omidyar said Monday it was establishing a fund to help defend journalists in cases involving freedom of the press.

User comments : 0