Texas Instruments Inc. forecast current-quarter revenue above Wall Street estimates on Tuesday, betting on strong demand for its chips used in cars, smartphones and laptops, sending shares up 5.9% in extended trading.

As demand for electronics including smartphones and consumer gadgets rose faster than expected during the pandemic, semiconductor makers doubled down on production, even as COVID-19 hampered general operations and logistics.

Texas Instrument's analog and embedded processing chips are used in a wide range of products that cater to a broad market, lowering the risk from dependence on a single customer segment.

The company said it expects first-quarter revenue between $4.5 billion and $4.9 billion. Analysts on average estimate revenue of $4.37 billion, according to IBES data from Refinitiv.