NEW YORK (Reuters) - Texas Instruments Inc narrowed its first-quarter forecast for earnings and revenue on Monday after it said it was idling factories and reducing inventory after a sharp fall-off in demand.
TI, a maker of chips for everything from cellphones to industrial equipment, now expects to post first-quarter results ranging from a loss of 8 cents per share to breakeven. On January 26, it forecast a range from a loss of 11 cents to a profit of 3 cents a share, including a restructuring charge of 3 cents per share.
It now expects revenue in a range of $1.79 billion to $2.05 billion, compared with its previous forecast ranging from $1.62 billion to $2.12 billion.
Analysts, on average, expected revenue of $1.868 billion, according to Reuters Estimates.
TI, which trails Qualcomm Inc
Its shares fell 4 cents after the news to $14.65 after closing at $14.69, down 2 cents on New York Stock Exchange.
(Reporting by Sinead Carew; editing by Jeffrey Benkoe)
