Texas Instruments forecasts current-quarter revenue above estimates

(Reuters) – Texas Instruments Inc reported a surprise jump in quarterly revenue and forecast fourth-quarter sales above Wall Street estimates on Tuesday, bolstered by a global shift to work from home that has boosted demand for its chips used in electronic products.



a sign on the side of a building: A Texas Instruments Office is shown in San Diego, California


© Reuters/MIKE BLAKE
A Texas Instruments Office is shown in San Diego, California

TI, which supplies chips for everything from smart phones to automobiles, often reports quarterly results before its peers. Investors watch its numbers closely as a proxy for both the health of the industry and other sectors where semiconductors are key components.

The Dallas, Texas-based company said sales benefited from a notable rebound in automotive demand, as well as strong sales for chips used in personal electronics.

TI shares were up 2% in extended trading.

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