P.M. BRIEFING : TI 1st Qtr. Profits Slump 84.7%
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DALLAS — Texas Instruments Inc. today reported an 84.7% decrease in first-quarter earnings as a sluggish semiconductor market continued to plague the electronics industry.
For the quarter ended March 31, Texas Instruments earned $13 million, or 5 cents per share, on revenue of $1.54 billion. In the same quarter last year, the Dallas-based company earned $85 million, or 90 cents per share, on revenue of $1.6 billion.
President Jerry R. Junkins said the company would have posted a loss without a $15-million gain from the sale of its interests in another company.
Junkins told stockholders at the company’s annual meeting that results are not likely to improve in the second quarter.
Junkins said the company is spending about $1 billion on research as it prepares itself for the quadrupling of the semiconductor market by the year 2000.
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