Texas Instruments has given a rosy forecast for the current quarter, suggesting that the horror run for chip manufacturers may have come to an end.
Third-quarter revenue for the chipmaker will be between US$4.9 billion and US$5.3 billion, Texas Instruments said, with profits as much as US$2.51 a share.
This bullish outlook saw shares jump 2.6 per cent. Texas Instruments is still down 15 per cent for 2022, but ahead of the Philadelphia Stock Exchange Semiconductor Index, which has fallen 30 per cent this year.
Chips used for industrial machinery and vehicles were responsible for the chirpy forecast.
“We did see weakness in personal electronics,” Chief Financial Officer Rafael Lizardi said.
“At this point many companies have talked about that so it’s not a surprise.”
After a tough few years, Lizardi isn’t keen to predict future economic outcomes.
“There’ll be a recession at some point in the future, maybe it’s this year or the next or in 2025,” he said. “We’ll deal with it at the time.”
