Texas Instruments managed to post a net profit of $107 million, $0.07 per share, in the last quarter despite tumbling demand for semiconductors. With an estimated $0.13 per share in restructuring costs, the company’s $0.21 per share gross profit beat Wall Street’s $0.13 expectation. Nonetheless, profits were still eons away from the $756 million, or $0.54 per share, net profit of a year ago.
Texas Instruments announced that it would be cutting 12 percent of its workforce, including 1, 800 layoffs and 1, 600 voluntary departures. And the company’s outlook for the current quarter is grim–anywhere from a loss of $0.11 per share to a profit of $0.03.
The company’s largest customer is Nokia, which announced a 69 percent drop in profits last week, and posted a weak outlook for the remainder of 2009.