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TI Reports Q2

DALLAS, Texas — Texas Instruments Incorporated (TI) (NYSE: TXN) today announced second-quarter revenue of $3.46 billion, net income of $672 million and earnings per share of 56 cents.

“We are pleased with the continued success of the TI portfolio in Analog and Embedded Processing. Sequential revenue growth was driven by Embedded Processing up 12 percent and Analog up 3 percent, and we believe we again gained market share in both segments,” said Rich Templeton, TI's chairman, president and chief executive officer. “In the quarter, we also resumed production ahead of schedule at our Japan factories that were damaged in the earthquake, thanks to excellent work by our teams on the ground.

“We expect growth in the third quarter, but because of mixed macroeconomic and market signals we are prepared for a broader-than-normal range of growth possibilities. We note that production at some computing and consumer manufacturers appears lukewarm even though we're heading into the back-to-school and holiday seasons. At the same time, Asian distributor resales have been strong, demand from our Japanese customers is increasing and our backlog increased in the second quarter. We've planned for modest sequential growth in the third quarter, yet are prepared to support higher demand if it materializes.”

TI's pending acquisition of National Semiconductor has cleared all antitrust reviews with the exception of China, which is underway. The company continues to expect the transaction to close before the end of the year.

“We look forward to welcoming the people of National Semiconductor and to expanding the portfolio of unique products we can offer our Analog customers,” Templeton concluded.

Read the full press release.

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