TI sees 2023 dip in industrial as automotive recovers
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Texas Instruments has reported weaker third quarter revenue and profits as the semiconductor downturn continues through the rest of the year.
The Q3 revenue at TI was $4.53 billion with net income of $1.71 billion, with revenue down 14% on the same quarter last year and the same as the previous quarter.
The outlook for the fourth quarter is in the range of $3.93bn to $4.27bn. Even the high end figure would bring the total for 2023 to $17.71bn, down 10% from $20.03bn in 2022 and below the 2021 figure of $18.34bn.
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“Revenue was flat sequentially and decreased 14% from the same quarter a year ago. During the quarter, automotive growth continued and industrial weakness broadened,” said Haviv Ilan, TI’s president and CEO who took over from Rich Templeton in April.
“Our cash flow from operations of $6.5 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300-mm production. Free cash flow for the same period was $1.6 billion. Over the past 12 months we invested $3.7 billion in R&D [and] invested $4.9 billion in capital expenditures.”
Nevertheless the company is building several new 300mm fabs in Texas and Utah.
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