It must be a day ending in Y because Texas Instruments just cut its guidance again, or rather, as usual. The reason: "lower demand for Wireless products." Uhm, such as those that the company with the fruit logo makes?
From the release:
In a scheduled update to its business outlook for the first quarter of 2012, Texas Instruments Incorporated (TI) (NASDAQ: TXN - News) today narrowed and lowered its expected ranges for revenue and earnings per share (EPS). The reductions are due to lower demand for Wireless products.
The company currently expects its financial results to be within the following ranges:
Revenue: $2.99 – 3.11 billion compared with the prior range of $3.02 – 3.28 billion
EPS: $0.15 – 0.19 compared with the prior range of $0.16 – 0.24.
This is the 5th consecutive guidance cut by Texas Instruments. As a reminder from December 2011 "Fourth Time Is The Charm: Texas Instruments Slashes Outlook... Again":
Just in case anyone thought Texas Instruments was joking the first, second, or even third time previously, here is the company to cement that the feces have really hit the fan, as it has been warning for almost a year contrary to what bleary eyed optimists wanted to believe.