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October 26, 2010

TI reports 30% revenue growth

Net income $0.71 per diluted share

By CBR Staff Writer

Texas Instruments (TI) has reported revenue of $3.74bn for the third quarter of 2010, an increase of 30% as compared to $2.88bn of the same quarter prior year.

The company posted gross profit of $2.04bn as compared to $1.48bn of Q3 FY09.

For the quarter, operating profit was $1.23bn as compared to operating profit of $763m in the third quarter of 2009.

Net income for the third quarter of 2010 was $859m, or $0.71 per diluted share, as compared to net income of $538m, or $0.42 per share in the third quarter of 2009.

TI chairman, president and chief executive officer Rich Templeton said demand from industrial markets was especially strong, while consumer demand cooled, impacting markets such as computing and televisions.

"Across a wide array of markets, our analogue and embedded processing products and wireless smartphone chips continued to gain share," Templeton said.

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"Importantly, we soon will begin initial shipments from RFAB, the world’s first 300-millimeter manufacturing facility for analog semiconductors.

"In the quarter, we also purchased a 200-millimeter analog manufacturing facility in Aizu, Japan, and this month we began our first semiconductor manufacturing operations in China with the purchase of a facility in the high-tech region of Chengdu."

For the fourth quarter of 2010, TI expects revenue between $3.36 – 3.64bn and earnings per share between $0.59 – 0.67.

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