Texas Instruments has narrowed the range for its revenue forecast and raised its earnings targets for the third quarter, following the sale of its DSL equipment business.
The Dallas, Texas-based company said it now expects earnings per share of between 49 cents and 53 cents, up from its previous projection of between 46 cents and 52 cents. The new guidance includes a 2-cent gain from the sale of its DSL unit to Infineon.
It also tightened its revenue forecast range to between $3.56bn and $3.72bn, compared to its earlier range of $3.49bn and $3.79bn. However, the updated range’s midpoint remains unchanged and comes in just below analysts’ average target of $3.66bn, according to Thomson Financial.
Shares in the company rose 50 cents to close at $35.72 on the Nasdaq yesterday. However, they fell 67 cents in after-hours trading.