Texas Instruments Lowers 2nd-Qtr Forecasts, Cuts Jobs
Enviado: 10/6/2003 22:44June 10 (Bloomberg) -- Texas Instruments Inc., the world's largest maker of chips that power cellular phones, cut second- quarter sales and profit forecasts as demand in Asia fell short of the company's expectations.
Sales will increase about 5 percent from the first quarter's $2.19 billion and profit will be about 6 cents a share, the company said in a statement distributed by PR Newswire. Net income was 5 cents on sales of $2.16 billion a year earlier.
The Dallas-based company last month reaffirmed profit and sales projections it made in April. Texas Instruments on May 5 predicted profit of about 8 cents a share, and a sales increase of about 7 percent from the first quarter. Demand has suffered because of the outbreak of severe acute respiratory syndrome in Asia, Chief Executive Tom Engibous said in the statement.
Texas Instruments will cut 250 jobs in Japan, in addition to the 1,250 workers the company said in April it would fire.
Shares of Texas Instruments rose 17 cents to $20.39 at 4 p.m. in New York Stock Exchange composite trading. They have gained 36 percent this year.
Last Updated: June 10, 2003 17:21 EDT
Sales will increase about 5 percent from the first quarter's $2.19 billion and profit will be about 6 cents a share, the company said in a statement distributed by PR Newswire. Net income was 5 cents on sales of $2.16 billion a year earlier.
The Dallas-based company last month reaffirmed profit and sales projections it made in April. Texas Instruments on May 5 predicted profit of about 8 cents a share, and a sales increase of about 7 percent from the first quarter. Demand has suffered because of the outbreak of severe acute respiratory syndrome in Asia, Chief Executive Tom Engibous said in the statement.
Texas Instruments will cut 250 jobs in Japan, in addition to the 1,250 workers the company said in April it would fire.
Shares of Texas Instruments rose 17 cents to $20.39 at 4 p.m. in New York Stock Exchange composite trading. They have gained 36 percent this year.
Last Updated: June 10, 2003 17:21 EDT