Texas Instruments tightened its second-quarter earnings forecast to 43 to 47 cents per share and the chipmaker forecast revenue of $3.33 billion to $3.46 billion for the quarter vs. analysts' consensus of $3.38 billion. In April, the company had forecast earnings per share of 42 to 48 cents and revenue of $3.24 billion to $3.5 billion.
TI executives told financial analysts that the cause for the adjustment is due to "unseasonably weak" wireless handset sales. However, analysts noted that TI is facing increased competition from other chip makers such as Broadcom.
Texas Instruments lowers profit forecast