Chipmaker Texas Instruments reported revenue of $5.21 billion (+14 percent) and net income of $2.29 billion (+19 percent) in the second quarter of 2022.
“Cash flow from operations of $8.7 billion for the trailing 12 months underscored the strength of our business model. Free cash flow for the same period was $5.9 billion and 30 percent of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter production,” Rich Templeton, Texas Instruments Chairman, President and CEO, said.
The Dallas, Texas-based Texas Instruments invested $3.2 billion in R&D and SG&A, and invested $2.8 billion in capital expenditures over the past 12 months.
Texas Instruments forecast Q3 quarter revenue of $4.90 billion to $5.30 billion, betting on demand from industrial and automotive customers and an improvement in shipments as supply-chain bottlenecks start to ease.
Projections for the seasonally-strong third quarter were affected by weaker demand particularly from customers in personal electronics market, Chief Financial Officer Rafael Lizardi said in a post-earnings call.
Some of the bigger chip companies, including Taiwan Semiconductor Manufacturing (TSMC) and Texas Instruments, have weathered the downturn from lockdowns in China, supply chain snags and a tough macroeconomic environment globally, supported by growth in newer areas such as data centers and electric vehicles.
TSMC earlier this month projected quarterly revenue growth that could be its highest in 10 quarters.
Texas Instruments said revenue in industrial and automotive segments, its top earners, rose high-single-digit and 20 percent, respectively, in the quarter ended June 30.