More bad tech news: Texas Instruments (TXN) cut its Q4 revenue guidance by 20% and profit guidance by 60%.
The company expects revenue between $2.30 billion and $2.50 billion, down from its previous range of $2.83 billion to $3.07 billion, and far below Wall Street’s $2.91 billion consensus.
TI says EPS will come in between $0.10 and $0.16 per share, down from its previous range of $0.30 to $0.36 per share, and below Wall Street’s $0.31 per share consensus.
No commentary in the release, but the company is hosting a conference call at 5:30 p.m. ET to discuss its update.