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Texas Instruments profit, sales slip; forecast tops views

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7b50F81AE6-4A12-4E56-AAEE-99C5AFC708DF%7d&...

TXN32.41, -0.09, -0.3%) late Monday said its quarterly profit slipped nearly 12% from a year ago as it faced weaker demand for its chips used in mobile phones and other electronic equipment. TI reported first-quarter net income of $516 million, or 35 cents a share, compared with net income of $585 million, or 36 cents a share, in last year's same period. For the three months ended March 31, TI reported sales of $3.19 billion, down from $3.33 billion a year ago. Analysts polled by Thomson Financial anticipated the company would report sales of $3.1 billion and earnings of 31 cents a share. Dallas, Tex.-based TI is the world's biggest maker of phone chips. Its processors are also used in telecommunications equipment, calculators and high-definition televisions. It also forecasted a better-than-anticipated financial forecast for the second quarter, sending its shares up 8% in late trades.