TXN or TI revenue grew from the first quarter on strong analog chip sales and a seasonal increase in sales of its calculators.
Chief Financial Officer Kevin March said that demand in the United States and Europe remain weak.
“In Asia and China, in particular, with the stimulus plan, there does seem to be signs of increased demand,” he said.
Texas Instruments Incorporated (TI) (NYSE(New York Stock Exchange): TXN report, combined with an outlook for the current quarter that topped Wall Street expectations, follow encouraging results from chip giant Intel Corp. (INTC) last week and offers more hope that conditions in the semiconductor sector are improving.
TI or TXN shares have reflected that improvement, rising 75% from their seven-year low in December and trading at their highest level since last September. However, in after-hours trading, the stock fell 1.4% to $23.31 following the company’s earnings release.
Chief Executive Rich Templeton said TI or TXN is seeing “healthy trends” in its profitability, but “it will likely take some time before the economy strengthens.” He added that revenue is also more closely tracing demand after two quarters of severe inventory corrections.
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