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

Chinese smartphone makers win as market swells

3 hours ago

Chinese smartphone makers racked up big gains as the global market for Internet-linked handsets grew to record levels in the second quarter, International Data Corp said Tuesday.

Full appeals court upholds labels on meat packages

3 hours ago

(AP)—A federal appeals court has upheld new government rules that require labels on packaged steaks, ribs and other cuts of meat to say where the animals were born, raised and slaughtered.

BlackBerry buys German anti-eavesdropping firm

4 hours ago

Canadian smartphone maker BlackBerry announced Tuesday the purchase of German voice and data encryption and anti-eavesdropping firm Secusmart, whose customers include NATO and German Chancellor Angela Merkel ...

India's Flipkart raises $1 bn to tackle Amazon

5 hours ago

India's top e-commerce company Flipkart said Tuesday it had raised $1 billion (60 billion rupees) in funds as it battles US giant Amazon for supremacy in the hyper-competitive local market.

User comments : 0