DALLAS — Texas Instruments says first-quarter profit and revenue tumbled but the results aren’t as bad as what the company and Wall Street expected.
In its earnings statement today, the Dallas-based company is posting a profit of $17 million, or 1 cent a share.
That’s down 97 percent from a profit of $662 million, or 49 cents a share, in the same period last year.
Excluding a restructuring charge, TI says it earned 7 cents a share during the latest period. That’s better than the 3 cents a share analysts polled by Thomson Reuters have expected.
Revenue tumbled 36 percent to $2.09 billion from $3.27 billion. That’s still better than analysts’ expectations of $1.9 billion.
