TI Q2 revenue soars 14 % year on year
Texas Instruments (TI) has reported Q2 revenue of $5.2 billion, an increase of 6% sequentially and 14% year-over-year, driven by growth across markets.
Net income was $2.29 billion.
Analogue revenue grew 15%, Embedded Processing grew 5%, and Other segment grew 19% from the year-ago quarter.
TI’s third quarter outlook is for revenue in the range of $4.90 billion to $5.30 billion.
On an analysts conference call reported by Seeking Alpha, Dave Pahl TI Head of Investor Relations commented, “April started out weak from COVID-19 restrictions in China. As those restrictions began to ease towards the latter part of May and into June, customers began to pull product generally consistent with their prior demand forecasts at the start of the quarter."
He added, “The industrial market was up high-single digits and the automotive market was up more than 20%. We saw weakness throughout the quarter in personal electronics, which grew low-single digits. Communications equipment was up about 25%. Finally, enterprise systems was up mid-teens.”
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