TI adds to glut fears

TI announced that its Q2  revenues and profits will be below market analysts’ expectations.

“TI’s second quarter outlook is for revenue in the range of $4.20 billion to $4.80 billion and earnings per share between $1.84 and $2.26. This outlook comprehends an impact due to reduced demand from COVID-19 restrictions in China,” said CEO Rich Templeton yesterday.

Q1 revenue was $4.91 billion, net income was $2.2 billion and earnings per share were $2.35.

The Shanghai closures were said to have had a major impact on demand.

TI’s shares fell 7% on the news

The TI statement raised industry fears that the market could be headed for oversupply




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