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Fairstock HK Limited: Texas Instruments' Rosy Forecast Counters Fears of Slowdown

Jul 27, 2022

Texas Instruments Inc., the maker of chips used in everything from washing machines to satellites, gave a bullish forecast for the current period, countering concern that a slowing economy is hurting demand for electronics.

Third-quarter revenue will be $4.9 billion to $5.3 billion, Texas Instruments said in a statement Tuesday. That compares with the $4.94 billion average estimate from analysts. Profit will be as much as $2.51 a share, the company said, ahead of projections.

That helped lift the stock 2.6% in extended trading Tuesday and gave a boost to shares of chipmakers such as Qualcomm Inc. and Intel Corp., which also report their results this week. Chips stocks had fallen sharply in regular trading.

The outlook offered a ray of optimism for chip investors, who have grown more bearish about the industry this year. The Philadelphia Stock Exchange Semiconductor Index has fallen 30% in 2022, worse than the performance of major indexes, hurt by concerns that a multiyear boom in demand is weakening. Already, Texas Instruments was down less than its peers this year, sliding 15% through Tuesday’s close. 

Texas Instruments manufactures about 80% of its chips in its own factories, and the company is investing to expand that footprint. That’s caused some analysts to express concern that the chipmaker will have less cash available for share repurchases and dividends -- benefits that made its stock a long-term investor favorite.

Texas Instruments said it wants even more in-house production to avoid the woes of other chipmakers, which are reliant on outsourced manufacturing and have struggled with shortages during the pandemic.

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