DALLAS -Chipmaker Texas Instruments Inc. said Monday that its first-quarter net income fell 60 percent from a year ago as revenue shrank. But the results still beat analysts' expectations and shares rose.
Net income in the three months to March 31 came to $265 million, or 22 cents per share, down from $666 million, or 55 cents per share, a year ago. Analysts were looking for net income of 18 cents per share in the latest quarter.
Revenue fell 8 percent to $3.12 billion from $3.39 billion. Analysts were expecting revenue of $3.06 billion.
The business cycle "bottomed" in the quarter, which also saw orders rise 13 percent, CEO Rich Templeton said in a statement.
"We expect 2012 to be a good year for growth," he said.
The company expects second-quarter earnings per share of 30 cents to 38 cents on revenue between $3.22 billion and $3.48 billion. Analysts had been looking for earnings of 32 cents per share on revenue of $3.29 billion.
Shares, which had fallen 1.8 percent in the regular trading session, rose $1.21, or 3.8 percent, to $33.10 in extended trading after the results were released.
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