Texas Instruments’ Sales Drop for the First Time Since 2020
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Texas Instruments’ Sales Drop for the First Time Since 2020
Texas Instruments’ Sales Drop for the First Time Since 2020
(Bloomberg) -- Texas Instruments Inc., one of the world’s largest chipmakers, suffered its first sales decline since 2020 and gave a tepid forecast for the current quarter, hit by an industry slump.
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Revenue in the first quarter will be $4.17 billion to $4.53 billion, the company said Tuesday, compared with an average of analysts’ estimates of $4.41 billion. Profit will be $1.64 to $1.90 a share, versus a prediction of $1.86.
The outlook suggests that Texas Instruments may not bounce back quickly from its sales slowdown. Wall Street expects revenue to decline throughout 2023 as the company’s customers focus on reducing their stockpiles of used chips, rather than ordering new ones.
Texas Instruments has the longest list of customers and broadest range of products in the $580 billion industry, making its projections an indicator of demand across the economy. It’s also one of the first major technology companies to report results during the current quarterly earnings season.
The company is confident that long-term trends in electronics will increase the need for semiconductors, but isn’t offering any predictions on when orders and revenue might rebound.
“I wish I knew,” Chief Financial Officer Rafael Lizardi said in an interview. “Customers have done what they’ve done for decades — and will continue to do — they’ve built a little too much inventory. We’ll see how long that takes to work itself out.”
Unlike some large technology companies, Texas Instruments has no plans to reduce its headcount to cut costs, he said. The company didn’t get ahead of itself and hire a lot of people during the past two years, he said.
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