TI 2Q revenue rises 42 pct as demand roars back
(AP) -- Texas Instruments Inc.' second-quarter income and revenue jumped as demand continued to recover after the recession. The company predicted even better results in the new quarter.
Shares of the company fell 6 percent, however, in extended trading after the release of results Monday.
TI said Monday that net income nearly tripled to $769 million, or 62 cents per share, for the quarter that ended June 30. That matched the average forecast of analysts polled by Thomson Reuters.
In the same period last year, TI earned $260 million, or 20 cents per share.
Revenue rose 42 percent to $3.5 billion, matching the average analyst forecast.
For the third quarter, TI forecasts net income of 64 cents to 74 cents per share. Analysts have been expecting 64 cents. TI says revenue should be $3.55 billion to $3.85 billion. Analysts put it at $3.65 billion.
Shares of TI, which is based in Dallas, fell $1.55, or 6.1 percent, to $24 in after-hours trading. Earlier, it rose 78 cents, or 3.15 percent, to close at $25.55.
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