$TXN Beats the Street With Profits Up 37%

“DALLAS (AP) — Chipmaker Texas Instruments Inc. said Monday that its net income rose 37 percent in the first quarter as lower costs offset a revenue decline.

Profit grew to $362 million, or 32 cents per share, from $265 million, or 22 cents per share. Revenue slid 8 percent, to $2.89 billion from $3.12 billion.

Analysts were expecting net income of 31 cents per share and $2.85 billion in revenue, according to FactSet.

The company’s costs to make chips fell 5 percent to $1.51 billion, research and development spending slid 18 percent to $419 million and acquisition expenses fell 44 percent to $86 million….”

Full article