Texas Instruments, the largest supplier of chips used in mobile phones, narrowed its earnings forecast for the second quarter and said it expects revenue to come in between $3.36 billion and $3.51 billion, an Associated Press report said.
That is within the range of $3.32 billion to $3.60 billion that company CEO Rich Templeton had predicted at an annual meeting with analysts last month, the Associated Press report added.
Dallas-based Texas Instruments said its semiconductor business would see revenues of between $3.20 billion and $3.34 billion, compared with the prior range of $3.14 billion to $3.40 billion, the report said.
TI also said revenue from education technology products such as calculators would be trending lower than initially expected because of delays by retailers in stocking their back-to-school calculator inventory until closer to the start of school in the third quarter, the repot said.
The new revenue estimate from the education division dropped to between $160 million and $170 million from the earlier forecast of $180 million to $200 million, the report further said.