Texas Instruments Inc. (TXN) reported second quarter earnings that were up 3.8% sequentially and down 9.8% year over year, exceeding the Zacks Consensus estimate by 5 cents, or 9.4%. Estimates have been moving downward since TI lowered its guidance, but actual results were within the original guidance range. Investor response was lukewarm, as the guidance disappointed. Revenue TI reported revenue of $3.46 billion, which was up 1.9% sequentially, down 1.1% year over year and at the lower end of the originally guided range of$3.41 billion and $3.69 billion (up 4.7% sequentially at the mid-point). On June 8, TI lowered guidance to between $3.36 billion and $3.50 billion (up 1.1% sequentially at the mid-point), in response to weaker demand from a single wireless customer, possibly Nokia Corp (NOK). As expected, revenue
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