Following the second quarter 2012 earnings announcement on July 23, more than half of the analysts covering Texas Instruments (TXN) have made downward revisions to their estimates. Low visibility, slow end market demand, weak order trends, European macro concerns, and intensifying competition could be the reasons for downward revisions. Last Quarter Synopsis Texas Instruments delivered a decent second quarter with pro forma earnings per share of 46 cents, exceeding the Zacks Consensus Estimate by 7 cents. The company reported revenue of $3.34 billion, which was up 6.9% sequentially and toward the middle of the recently narrowed guidance range of $3.22–$3.48 billion. The strength in the quarter came from growth in core Analog, led by power management and growth in HVA and Logic. Gross margin was 49.5%, down 22 basis points
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