LONDON (ShareCast) - (Sharecast News) - Semiconductor outfit Texas Instruments issued revenue guidance that disappointed investors overnight on Wednesday, with concerns that the Covid-19 fuelled demand for chips would be short-lived offsetting a strong second quarter performance.
For the second quarter, net income rose to $1.93bn, or $2.05 on a per share basis, up from $1.38bn or $1.48 a share, a year earlier. Revenues increased 41% to $4.58bn, ahead of expectations on the Street for a print of $4.36bn.

Cash flow from operations totalled $7.5bn for the trailing 12 months, with free cash flow of $6.5bn.

Texas Instruments also returned $3.9bn to investors through share repurchases and dividends during the period, with the dividend representing 56% of free cash flow.

However, Texas Instruments stated sales will be $4.44-4.76bn in the period ending in September, while profits will be $1.87 to $2.13 per share. Analysts had previously predicted profits of $1.97 per share and sales of $4.59bn.

As of 1500 BST, Texas Instruments shares were down 4.55% at $185.40 each.

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