Texas Instruments has reported first quarter revenue of $3.66 billion (down 16 percent) and net income of $1.11 billion as revenue declined across all end markets.
Haviv Ilan, TI’s president and CEO, said, in its earnings report: “Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production.”
Texas Instruments invested $3.7 billion in R&D and SG&A and $5.3 billion in capital expenditures over the past 12 months. Capital expenditure of Texas Instruments during January-March was $1.248 billion vs $982 million.
The Dallas, Texas-based Texas Instruments is targeting revenue of $3.65 billion to $3.95 billion during the second quarter of 2024.
“Investors want to see signs of demand recovery or the completion of channel inventory correction. TI’s outlook gave them what they were looking for,” said Summit Insights analyst Kinngai Chan.
Global PC shipments grew around 3 percent in the first three months of 2024, after a downturn that lasted eight consecutive quarters, data from research firm Counterpoint showed.
“The forecast suggests that downcycles in certain markets, like automotive, might not be as bad as feared,” Morningstar analyst Brian Colello said. “Industrial, might be starting to flat-line or recover from the downturn.”