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Texas Instruments narrows 2nd-quarter view
2008-06-09
Texas Instruments (TXN.N) on Monday narrowed a quarterly earnings and revenue target range it issued in April because of caution among its chip customers and weak demand for high-end phones. TI, which makes chips used in everything from cell phones to industrial equipment, forecast second-quarter earnings per share of 43 cents to 47 cents on revenue in a range of $3.33 billion to $3.46 billion. On April 21, TI disappointed investors with a forecast for earnings per share of 42 cents to 48 cents on revenue of $3.24 billion to $3.5 billion. Shares in TI, which derives 35 percent of its revenue from phone chips and about 40 percent from analog chips used in many electronics products, have rebounded by about 8 percent since April as investors bet analog demand was holding up. (Reporting by Sinead Carew in New York and Duncan Martell in San Francisco)
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