Texas Instruments forecast current-quarter sales below estimates
) on Tuesday reported better-than-expected results for the first quarter but forecast current-quarter revenue and profit largely below Wall Street estimates, as the chip industry braces for a big hit from the coronavirus outbreak.
Despite the forecast, investors buoyed TI’s shares in extended trading with a 2% rise, in part because some aspects of its business such as analog chips appeared to be little hurt by the coronavirus while the company maintained focus on staying profitable and returning dividends to shareholders. Templeton, who made his first appearance on the earnings call in a break to tradition to assure investors, said he does not expect any long-term structural changes in the chip industry due to the pandemic.
In the United States, chipmakers are considered essential businesses and allowed to operate. But with no uniform global definition of “essential,” industry executives say their delicate supply chains have hit snags as lockdowns played out differently in different countries.
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