Texas Instruments stock ticks higher on earnings report
Texas Instruments Inc. shares ticked higher in the extended session Tuesday after the chipmaker's quarterly results, while topping Wall Street estimates, came as no surprise having been telegraphed last week along with the chief executive's departure announcement. Texas Instruments shares rose 0.2% after hours, following a 0.8% decline to close regular trading at $113.80. The company reported second-quarter net income of $1.41 billion, or $1.40 a share, compared with $1.06 billion, or $1.03 a share, in the year-ago period. Revenue rose to $4.02 billion from $3.69 billion in the year-ago period. Prior to last week's preliminary results, analysts surveyed by FactSet had estimated earnings of $1.30 a share on revenue of $3.96 billion. Last week, Texas Instruments provided a preview of results as it announced the departure of President and CEO Brian Crutcher after six weeks on the job. The company sees third quarter earnings of $1.41 and $1.63 a share on revenue of $4.11 billion to $4.45 billion. Analysts expect $1.49 a share on revenue of $4.27 billion.
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