Texas Instruments posted a smaller-than-expected decline in fourth-quarter profit Monday, but said it might post a loss in the current quarter and announced a 12 percent cut in jobs as demand for cellphone chips fell.
But the company’s shares rose 5 percent in after-hours trading as analysts said the better-than-expected fourth quarter and the cost-cutting measures meant Texas Instruments could be positioned for growth when demand recovers.
The company said it was cutting its work force by 3,400 to reduce costs.
Profit in its most recent quarter was $107 million, or 8 cents a share, compared with $753 million, or 54 cents a share, a year earlier. Revenue fell to $2.49 billion from $3.56 billion.
The company warned that it still had tough times ahead, forecasting a possible loss for the first quarter, when utilization of its factories was expected to fall below 35 percent, from 48 percent in the fourth quarter.
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