The chipmaker Texas Instruments (NASDAQ:TXN) ran past Wall Street’s quarterly estimates for profit and revenue thanks to surging demand for its analog and embedded processing products from industrial and automotive companies.
Dallas-based TI reported net income for the second quarter of US$1.41bn or US$1.40 per share and revenue of US$4.02bn.
The results crushed the predictions of analysts who had expected the chipmaker would earn US$1.32 per share on revenue of US$3.97bn
“Demand for our Analog and embedded processing products continued to be strong in the industrial and automotive markets,” said Rich Templeton, TI’s CEO in a statement.
Texas Instrument’s quarterly results come days after the chipmaker announced that its CEO Brian Crutcher resigned due to code of conduct violations. The company’s chairman Rich Templeton was tapped to take on the additional roles of president and CEO on an “ongoing and indefinite” basis following Crutcher’s departure.
TI shares ticked up slightly in after-hours trade, rising by just under 1% to US$114.60.
Texas Instruments makes semiconductors that it sells to electronics designers and manufacturers. Its business is divided into two segments: analog and embedded processing.
The company’s business has been boosted by the move by automakers to embrace self-driving vehicles.
The company now expects revenue to fall between US$4.11bn and US$4.45bn in the third quarter and its per-share earnings to hit US$1.41 to US$1.63.