NEW YORK-Texas Instruments Inc. brought more cheer to the semiconductor industry with a first-quarter result featuring higher profits, revenue and sales in line with Wall Street expectations.
The chipmaker reported net income of $367 million, or 21 cents a share, an increase of 214 percent from the year-ago period when it earned $117 million, or 7 cents a share.
The company expects its second-quarter profits to increase more than three times to between 23 cents and 26 cents a share on revenue of $3.09 billion to $3.33 billion.
“TI’s strong wireless growth from the year-ago period continued to outpace the industry’s handset shipments, which we believe reflects the company’s increasing content per phone,” said TI Chairman and Chief Executive Officer Thomas Engibous.
The company’s sales rose 38 percent, indicating that demand for cell-phone chips remained healthy. TI’s performance, in spite of Nokia’s slip in handset market share, reflects its depth and range of customers and products, according to market watchers.
Another chipmaker, Advanced Micro Devices Inc., beat Wall Street expectation in its second-quarter results, a reflection of its robust processor and flash memory businesses.
AMD posted a profit of $45.1 million, or 12 cents a share, in contrast to a loss of $146.4 million, or 42 cents a share, in the same period last year.
Its revenue leaped 73 percent to $1.24 billion from $714.6 million.
“The first quarter of 2004 was a high-water mark for AMD. It was a quarter in which we delivered on a very important promise to ourselves: to make money,” said Hector Ruiz, chairman, president and CEO of the company.
