Texas Instruments has once again proven to the mass that they are one of the greatest producers of semiconductors after garnering a much higher profit from what they have expected.
The company has recently released the result of their stocks for the second quarter and many are surprised- including them since it was better than what they have predicted. The chipmaker has announced their second-quarter revenue amounting to $4.02Billion, different from estimated $3.97Billion.
Simply putting that the company has successfully increased its net income by $1.41Billion or $1.40 per share, comparing it to last year’s increase of $1.06Billion or $1.03 per share.
The increase was due to the growing market of automotive which has contributed a lot to the company’s revenue along with the industrial sector. It was recorded that they have a higher sale when it comes to semiconductors, especially those that are used for cars and industrial machinery.
In a statement released by the company, they mentioned that the demand for their products such as Analog and Embedded Processing has been especially great in the industrial and automotive markets.
For the third quarter of this year, the company is expecting to have revenue ranging from $4. 11Billion to $4.45Billion. They are also expecting $1.41 and $1.63 earnings per share not far from the previous result, including a discrete tax benefit amounting to $10Million.
“We continue to expect our ongoing annual operating tax rate to be about 20 percent in 2018 and 16 percent starting in 2019,” the company said in a press release.