Texas Instruments Inc. posted third-quarter revenue of $3.50 billion, up 8 percent from the year-ago period and above Wall Street expectations following recent concerns about weak industry demand.
Texas Instruments said on Monday its third-quarter net income rose 31 percent to $826 million. Its earnings per share were 76 cents.
The Dallas, Texas-based company, which makes chips for cars, industrial machines, communications and other markets, forecast fourth-quarter revenue of $3.13 billion to $3.39 billion. The midpoint of TI's revenue guidance is about $26 billion.
Analysts on average had expected revenue of $3.46 billion for the third quarter and $3.24 billion for the fourth quarter, according to Thomson Reuters I/B/E/S.
Texas Instruments' results came after Chandler, Arizona-based Microchip on Oct 9 warned of weak demand in China that would soon become visible across the chip industry, sparking a broad selloff in chip stocks.
The chipmaker said its fourth-quarter earnings per share would range from 64 cents to 74 cents.
Shares of TI rose 2.2 percent in extended trade after closing up 1.69 percent at $44.41 on Nasdaq.