DALLAS (AP) — Chipmaker Texas Instruments Inc. said Monday that its first-quarter net income fell 60 percent from a year ago as revenue shrank. But the results still beat analysts’ expectations and shares rose.
Net income in the three months to March 31 came to $265 million, or 22 cents per share, down from $666 million, or 55 cents per share, a year ago. Analysts were looking for net income of 18 cents per share in the latest quarter.
TI acquired National Semiconductor last year for $6.5 billion in a deal that included NatSemi’s South Portland fab in southern Maine, which employs about 550 people, making it one of that city’s biggest employers.
Company revenues fell 8 percent to $3.12 billion from $3.39 billion. Analysts were expecting revenue of $3.06 billion.
The business cycle “bottomed” in the quarter, which also saw orders rise 13 percent, CEO Rich Templeton said in a statement.
“We expect 2012 to be a good year for growth,” he said.
The company expects second-quarter earnings per share of 30 cents to 38 cents on revenue between $3.22 billion and $3.48 billion. Analysts had been looking for earnings of 32 cents per share on revenue of $3.29 billion.
Shares, which had fallen 1.8 percent in the regular trading session, rose $1.21, or 3.8 percent, to $33.10 in extended trading after the results were released.