Texas Instruments (TXN) plunges on pessimistic outlook
Shares of chip maker Texas Instruments Inc. (NYSE: TXN) have been falling that dawn after the company cut its first-quarter sales and earnings outlook final night.
Texas Instruments blamed one of its key customers as it decided to slash orders. The only clue about that mysterious customer, whose name wasn’t disclosed by the company, was that is a maker of wireless phones. Texas Instruments now expects first-quarter earning in a range within 41 cents and 45 cents per share, which is below analysts’ predictions for quarterly profit of
Looking at revenue, the company forecast sales in a range amoung $3.21 billion and $3.35 billion, compared with its preceding range of $3.27 billion to $3.55 billion. Its predictions were again below analysts’ estimates of $3.40 billion, according to Thomson Financial.
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Original post by Eliza Popescu
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