Why Texas Instruments Stock Was Falling Earlier Today
Shares of Texas Instruments (NASDAQ: TXN) were down as much as 5% after the market open before recovering. As of 12:29 p.m. ET on Wednesday, the stock was down 1.15%.
Texas Instruments beat revenue and earnings estimates for the third quarter, but the shares fell on a weak outlook for the fourth quarter. Despite weakness spreading across the chip industry, Texas Instruments has held up better than other tech stocks and is down 16% year to date.
TI reported revenue growth of 13% year over year, but the top line increased by just 1% over the previous quarter. The weaker quarter-over-quarter growth reflects the slowing demand spreading from personal electronics (24% of IT's 2021 revenue) to industrial markets (41% of revenue). Personal electronics, where TI supplies chips for mobile phones and TVs, among other devices, experienced a decline in the mid-teens range.
Source Fool.com
