Texas Instruments reports 12% plunge in Q1 earnings

US-based chip maker Texas Instruments reported a 12% drop in first-quarter earnings but said it had recovered from an inventory glut and predicted solid growth in the coming months, according to an Associated Press report.

The Associated Press report said the earnings beat Wall Street expectations and the Dallas-based company's shares surged in after-hours activity on a rosier second-quarter forecast.

Texas Instruments said it earned $516 million in the most recent quarter, compared with $585 million a year earlier, according to the report.

Revenue fell to $3.19 billion from $3.33 billion a year ago, it added.

TI predicted second quarter revenue would range from $3.32 billion to $3.60 billion. It will release a mid-quarter update on June 11.

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