Shares in Texas Instruments (TXN) jumped nearly 8% in extended-hours trading Tuesday evening after the analog chipmaker surpassed quarterly estimates and issued second-quarter sales guidance that came in ahead of Wall Street expectations amid a rebound in demand.
For the quarter ending March 31, the Dallas-based company posted earnings of $1.20 per share, handily above analysts’ forecast of $1.07 a share. Although revenue in the quarter of $3.66 billion contracted 16% from a year earlier and 10% on a sequential basis, the figure came in ahead of estimates modeled at $3.6 billion.
Looking ahead, the calculator maker projects current-quarter revenue of between $3.65 billion and $3.95 billion, with the $3.8 billion midpoint of that range surpassing the $3.77 billion expected by analysts. Earnings guidance in the period of $1.05 to $1.25 per share sits roughly in-line with estimates.
Texas Instruments CFO Rafael Lizardi told Bloombergin an interview that most of its industrial equipment customers have worked through an …