TXN beats target, announces layoffs (TXN) By Jason Margolis
Texas Instruments (TXN) reported first-quarter pro forma income of $317 million, or 18 cents a share, 2 cents ahead of analysts' estimates. During the same quarter last year, the Dallas-based semiconductor company earned $494 million, or 28 cents a share. The company also announced that it will lay off 2,500 employees, or 6 percent of its global workforce. Revenue was $2.5 billion, down 17 percent sequentially from the prior quarter. The company expects revenue to decline 20 percent next quarter. Shares closed up 99 cents at $34 ahead of the news.
Texas Instruments (TXN) reported first-quarter pro forma income of $317 million, or 18 cents a share, 2 cents ahead of analysts' estimates. During the same quarter last year, the Dallas-based semiconductor company earned $494 million, or 28 cents a share. The company also announced that it will lay off 2,500 employees, or 6 percent of its global workforce. Revenue was $2.5 billion, down 17 percent sequentially from the prior quarter. The company expects revenue to decline 20 percent next quarter. Shares closed up 99 cents at $34 ahead of the news.
