Texas Instruments (TXN) Q3 2023 earnings results miss revenue & whisper number expectations

Texas Instruments (TXN), the company most known for its line of calculator products, is among the many that shared financial news today. The company’s third quarter earnings report chronicles its financial performance over the last few months, though it’s likely not the news that shareholders were hoping for. Texas Instruments wrote down a miss on both revenue and EPS for Q3.

Texas Instruments shared the PDF of its Q3 2023 earnings report after markets closed today. The company’s $4.53 billion in revenue is less below the $4.6 billion expectation, and the $1.85 earnings-per-share just narrowly misses the $1.86 expectation. CEO Haviv Ilan provided the following quotes in bulleted format within the report.

Source: Texas Instruments

"Revenue was flat sequentially and decreased 14% from the same quarter a year ago. During the quarter, automotive growth continued and industrial weakness broadened.”
"Our cash flow from operations of $6.5 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300-mm production. Free cash flow for the same period was $1.6 billion.”
"Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $4.9 billion in capital expenditures and returned $5.6 billion to owners.”
"TI's fourth quarter outlook is for revenue in the range of $3.93 billion to $4.27 billion and earnings per share between $1.35 and $1.57. We continue to expect our 2023 effective tax rate to be about 13% to 14%."

Texas Instruments isn’t the only company that came forth with financial news today. Microsoft and Google also shared their quarterly earnings reports this afternoon.