Texas Instruments expects economy to stunt growth

TEXAS Instruments has forecast only modest third quarter growth in the face of economic uncertainty.

The company, whose chips are found in products ranging from mobile phones to cars, said it expects third-quarter revenue of $3.4bn (£2.1bn) to $3.7bn, compared with the average analyst forecast of $3.6bn.

For the second quarter Texas Instruments earned $672m, or 56 cents per share, compared with $769m, or 62 cents per share, in the year-ago quarter.

Revenue fell to $3.46bn from almost $3.5bn and was slightly ahead of analysts’ consensus forecast.

“Production at some computing and consumer manufacturers appears lukewarm,” chief executive officer Rich Templeton said in the statement.