Shares of analog chipmaker Texas Instruments Inc. (TXN) fell more than 2% Wednesda𒆙y after the company reported revenue and earnings fell in the fourth quarter amid soft demand from i🔯ndustrial and automotive clients.

Texas Instruments’ 澳洲幸运5官方开奖结果体彩网:net income dropped 30% year-over-year (YOY) to $1.37 billion, or $1.49 per share. Revenue slid 13% to $4.08 billion, falling short of analyst estimates.

🧜“Our results reflect increasing weakness in industria♌l and sequential decline in automotive, as customers work to reduce their inventory levels,” said head of Investor Relations Dave Pahl in a call with analysts.

Texas Instruments derived 74% of its revenue in 2023 from industrial and 澳洲幸运5官方开奖结果体彩网:automotive customers.

And the company is expecting weakness to continue this quarter. Texas Instruments forecast first-quarter revenue of between $3.45 billion and $3.75 billion, down from $4.38 billion last year. Earnings per share (EPS) are expected to fall to a range of 96 centsඣ to $1.16, a much larger drop tꦡhan analysts were expecting.

But the story at Texas Instruments, despite its array of semiconductor offerings, isn’t that of the entire 澳洲幸运5官方开奖结果体彩网:semiconductor industry. 

Netherlands-based ASML Holding NV (ASML) on Wednesday reported a surge in demand for its chipmaking equipment, which is used to make the sophisticated chips that run smartphones and data centers. The company, like Nvidia Corp. (NVDA), has benefited fꦅrom the artificial intelligence (AI) arms race, which has generated a tidal wave of investment in advanced semiconductors and the means to make them.

Shares of Tex🌄as Instruments were off 2.11% at almost $171 at about 1 p.m. ET Wednesd🐠ay.