Texas Instruments forecasts current-quarter revenue above estimates

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TI, which supplies chips for everything from smart phones to automobiles, often reports quarterly results before its peers. Investors watch its numbers closely as a proxy for both the health of the industry and other sectors where semiconductors are key components.

The Dallas, Texas-based company said sales benefited from a notable rebound in automotive demand, as well as strong sales for chips used in personal electronics.

TI shares were up 2% in extended trading.

The company said it expected fourth-quarter revenue in a range of $3.41 billion to $3.69 billion, above analysts’ expectations of $3.34 billion, according to IBES data from Refinitiv.

Total revenue in the third quarter rose to $3.82 billion from $3.77 billion last year, above Wall Street estimates of $3.45 billion.

Net income fell to $1.35 billion, or $1.45 per share, in the quarter ended Sept. 30, from $1.43 billion, or $1.49 per share, a year earlier.

Analysts on average had expected a profit of $1.28 per share.

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