Texas Instruments’ Forecast Signals Chip Demand Slump Is Spreading

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Texas Instruments’ Forecast Signals Chip Demand Slump Is Spreading

Bloomberg2022-10-26

Texas Instruments Inc., whose chips go into everything from home appliances to missiles, dropped as much as 5.3% in late trading after its quarterly forecast signaled that the semiconductor industry’s...

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Profit will be $1.83 to $2.11 a share, also missing projections.While Texas Instruments has the largest customer list in the semiconductor industry -- making its projections an indicator of demand across the economy -- producers of cars and industrial machinery contribute more than 60% of revenue. Some industrial customers are now slowing their orders, joining makers of computers and phones in cutting back. But demand from the automotive market remains strong, the company said.“During the quarter, we experienced expected weakness in personal electronics and expanding weakness across industrial,” Chief Executive Officer Rich Templeton said in the statement. Overall, orders have worsened and cancellations have increased as the current quarter has progressed, Texas Instruments said.Many of the largest companies in the industry -- Samsung Electronics Co., Intel Corp. and Nvidia Corp. among them -- have warned that demand is dropping steeply. 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Revenue climbed 13% to $5.24 billion. The company had posted double-digit percentage increases for six straight quarters coming in to Tuesday’s results.One of the pioneers of the chip industry, Texas Instruments is the largest maker of analog and embedded processing chips, which go into products as varied as factory equipment and space hardware. Such chips generally require less advanced production than Intel Corp. processors or other digital products. That focus has allowed Texas Instruments to become one of the most profitable companies in the industry and to devote its cash to dividends and share buybacks.Texas Instruments’ management typically refuses to give predictions about future demand for electronics, outside of its basic forecasts. Executives have argued that, while there will always be fluctuations in the semiconductor industry, its chips have lasting value.Unlike digital semiconductors such as microprocessors, Texas Instruments’ products take years to become obsolete, meaning that accumulating inventory in times of weaker demand isn’t the danger sign that it is for other chipmakers.The company ended the quarter with $2.4 billion of inventory, up from $1.86 billion at the same point a year earlier. Lizardi said that increase still leaves the company with a smaller stockpile than it’s aiming for. Texas Instruments could further increase inventory by as much as a billion dollars.Texas Instruments manufactures about 80% of its chips in its own factories, and the company is expanding that footprint. 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