Microchip maker Texas Instruments Incorporated ( TXN ) late Thursday lowered its fourth quarter profit and revenue guidance, sending its shares lower in aftermarket trading.
Citing "broadly lower demand across a wide range of markets, customers and products," the Dallas-based company said it now expects fourth quarter profits to range from 21 to 25 cents per share, down from a prior forecast of 28 to 36 cents.
T.I. also cut its revenue guidance to a range of $3.19 billion to $3.33 billion, compared with a previous view of $3.26 billion to $3.54 billion.
On average, Wall Street analysts are looking for fourth quarter earnings of 35 cents per share on $3.41 billion in revenue.
Texas Instruments shares fell $1.67, or -5.6%, in premarket trading Friday.
The Bottom Line
Shares of Texas Instruments ( TXN ) have a 2.27% dividend yield, based on last night's closing stock price of $29.92. The stock has technical support in the $25-$26 price area. If the shares can firm up, we see overhead resistance around the $32 price level.
Texas Instruments Incorporated ( TXN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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