By Sabela Ojea

Texas Instruments reported a drop in profit amid lower revenue in the last quarter of 2023 and guided for another drop in profit to start the new year.

The chip maker on Tuesday posted a fourth-quarter net profit of $1.37 billion, or $1.49 a share, compared with $1.96 billion, or $2.13 a share, for the same period a year earlier. Analysts polled by FactSet had forecast a profit of $1.35 billion, or $1.47 a share.

Revenue dropped 13% to $4.08 billion, missing analysts expectations of $4.12 billion, according to FactSet.

The company is seeing increasing weakness across industrial and a sequential decline in automotive, Chief Executive Haviv Ilan said, as the company guided for a significant drop in earnings per share and revenue.

For the first quarter, Texas Instruments forecasts earnings per share to drop to 96 cents to $1.16 cents, down from reported earnings per share of $1.85 for the same period a year earlier. It also expects revenue of $3.45 billion to $3.75 billion, down from $4.38 billion last year.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 23, 2024 16:42 ET (21:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.
Texas Instruments (NASDAQ:TXN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Texas Instruments.
Texas Instruments (NASDAQ:TXN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Texas Instruments.