Posted: Jan 21, 2014 3:30 PM
Updated: Jan 21, 2014 3:30 PM
DALLAS (AP) Chipmaker Texas Instruments Inc. says it will cut 1,100 jobs worldwide to cut costs and reduce its investment in certain markets.
The company says the cuts in its embedded processing unit and in Japan will result in $130 million in annual savings by the end of 2014.
The Dallas-based company also said Tuesday that its fourth-quarter net income nearly doubled as restructuring charges fell and revenue ticked up 2 percent.
Net income in the three months to Dec. 31 rose to $511 million, or 46 cents per share, matching analyst expectations. In the same quarter the year before, profit came to $264 million, or 23 cents per share.
But the results included a restructuring charge of $49 million, or 3 cents per share, which Texas Instruments did not account for when issuing its guidance.
Revenue rose to $3.03 billion from $2.98 billion. That beat the $2.99 billion expected by analysts polled by FactSet.
For the first quarter, the company said it expects revenue between $2.83 billion and $3.07 billion and earnings per share of 36 cents to 44 cents including restructuring charges of about $30 million.
Shares slipped 35 cents to $43.50 in after-hours trading.