Texas Instruments says weakness across end markets with the exception of auto

Regarding the company’s performance and returns to shareholders, Haviv Ilan, TI’s president and CEO, made the following comments: "Revenue decreased 6% sequentially and decreased 11% from the same quarter a year ago. During the quarter we experienced weakness across our end markets with the exception of automotive, as expected. Our cash flow from operations of $7.7 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $4.4 billion and 23% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-mm production. Over the past 12 months we invested $3.5 billion in R&D and SG&A, invested $3.3 billion in capital expenditures and returned $7.5 billion to owners. TI’s second quarter outlook is for revenue in the range of $4.17 billion to $4.53 billion and earnings per share between $1.62 and $1.88. We continue to expect our 2023 effective tax rate to be about 13% to 14%."