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Chip maker trims outlook for quarter

The company plans to cut 1,700 jobs worldwide.
LM Otero/Associated Press
The company plans to cut 1,700 jobs worldwide.
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Texas Instruments Inc. shares rose after the chip maker narrowed its earnings and sales forecast for the fourth quarter. The company continues to wrestle with weak demand and the impact of the recent restructuring of its wireless chip business. But one analyst said the midquarter update “was slightly better than expected.” The company expects sales of $2.89 billion to $3.01 billion, versus previous guidance of up to $3.07 billion. The per-share outlook was trimmed to 5 to 9 cents from a previous 23 to 31 cents.