By Maria Armental 
 

Texas Instruments Inc. reported better-than-expected revenue for the third quarter and fourth-quarter projections beat Wall Street expectations, reflecting a recovery from automotive, which had been hard hit by coronavirus pandemic-related lockdowns. Here's what you need to know:

PROFIT: Net income fell to $1.35 billion, or $1.45 a share, from $1.43 billion, or $1.49 a share, a year earlier. TI projected $1.14 to $1.34 a share, and analysts surveyed by FactSet recently projected $1.28 a share.

REVENUE: Revenue rose to $3.82 billion from $3.77 billion. TI had projected $3.26 billion to $3.54 billion, and analysts expected about $3.44 billion.

OUTLOOK: This quarter, TI projects a profit of $1.20 to $1.40 a share on $3.41 billion to $3.69 billion in revenue, compared with analysts' projected $1.19 a share and $3.33 billion in revenue.

PANDEMIC: Remote work and study trends tied to the pandemic drove higher demand in such things as personal electronics like PCs and tablets, while automotive saw a big hit, driving TI's revenue decline in the second quarter. On Tuesday, TI pointed to growing demand for personal electronics and "notable strength from the rebound of automotive."

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

October 20, 2020 16:26 ET (20:26 GMT)

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