Profits at Texas Instruments dropped by a precipitous 83 per cent in its second quarter, as problems in its semiconductor business continued to multiply.
The company reported that it made profits of $43 million on turnover of $249 billion in the second quarter. That compares to profits of $249 million on turnover of $2.56 billion in the same period last year.
The fall in profits looked even worse considering TI gained $83 million from selling its share in a joint chip venture with Acer. It also took a charge in the quarter for a restructuring of its operations worldwide, accounting for $233 million.
The once mighty TI has been hit by a number of factors including the world glut of Dram memories, and has now joined the ranks of other semiconductor companies, including Intel, in posting profit drops.
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