DALLAS (AP) — Semiconductor maker Texas Instruments Inc. is lowering its outlook for the fourth quarter on Thursday, saying demand had weakened for a variety of products that use its chips.
The new forecasts are well below analysts’ expectations for the Dallas-based company, a major supplier of chips for mobile phones. Its shares slid 6 percent in after-hours trading.
The company said Thursday that it expected to earn between 21 and 25 cents per share, down from an earlier forecast of 28 to 36 cents per share.
Revenue is now forecast at $3.19 billion to $3.33 billion, down from a previous range of $3.26 billion to $3.54 billion.
According to FactSet, analysts expected the company to earn 35 cents per share on revenue of $3.41 billion in the fourth quarter.