Texas Instruments beats Street

Texas Instruments last night reported higher-than-expected fourth-quarter revenue as demand for its chips improved more quickly than it had forecast.

The US company, which makes chips for everything from consumer electronics to industrial equipment, reported a profit of $298m (£191m), down by two-thirds on a year ago. Revenue fell three per cent to $3.42bn, beating analyst forecasts of $3.25bn. Texas Instruments had warned last month that chip demand was weak.