Demand drives TI profit higher

MICROCHIP producer Texas Instruments earnings increased by 44 per cent in the fourth quarter due to strong demand for its products.

The Dallas-based company, which provides chips for smartphones and tablets, posted fourth-quarter profit of $942m (£589m) up from $655m a year earlier. Revenue increased 17 per cent to $3.5bn at the firm.

Chairman and chief executive Rich Templeton said: “Our strong financial results for the fourth quarter reinforce our view that the inventory-driven downturn that started in the second half of 2010 is now mostly complete.”