Texas Instruments Slides After China Lockdowns Hurt Forecast
- Company says customers’ factories can’t accept shipments
- Chipmaker reduced revenue target by about 10% due to shortfall
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Texas Instruments Inc. tumbled in late trading Tuesday after China’s ongoing Covid-19 lockdowns crimped the company’s sales and profit forecasts, with the restrictions idling factories and slowing shipments.
Sales will be $4.2 billion to $4.8 billion in the second quarter, Texas Instruments said, below the $4.96 billion predicted by analysts. Profit is expected to be $1.84 to $2.26 a share, also short of estimates, which averaged $2.28.