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Texas Instruments Inc. shares slipped in the extended session Wednesday after the chip maker reported earnings and a forecast that barely cleared estimates that had been reduced after a rough 2019.
Texas Instruments TXN, +1.90% reported fourth-quarter net income of $1.07 billion, or $1.12 a share, compared with $1.24 billion, or $1.27 a share, in the year-ago period. Revenue declined to $3.35 billion from $3.72 billion in the year-ago quarter.
Read: For chip companies, stocks soared as sales slumped in 2019 — what does that mean for 2020?
Analysts surveyed by FactSet had forecast earnings of $1.03 on revenue of $3.25 billion, based on the company’s forecast of 91 cents to $1.09 a share on revenue of $3.07 billion to $3.33 billion.
Texas Instruments expects earnings of 96 cents to $1.14 a share on revenue of $3.12 billion to $3.38 billion in the first quarter, while analysts on average had forecast earnings of $1.04 a share on revenue of $3.22 billion.
Shares declined 1.5% after hours, following a 1.9% rise in the regular session to close at $133.34. In comparison, the S&P 500 index SPX, +0.03% rose less than 0.1%, the tech-heavy Nasdaq Composite Index COMP, +0.14% gained 0.1%, and the PHLX Semiconductor Index SOX, +0.80% advanced 0.8%.
