Texas Instruments sees lower Q2 profit

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.