Chip maker TI lowers first-Q earnings

Chip maker Texas Instruments on Monday lowered its outlook for quarterly earnings and revenue in the first quarter on weaker than expected chip demand and its shares fell as much as 5.5 percent.

TI, which makes chips for everything from cell phones to televisions, forecast first-quarter earnings per share of 41 cents to 45 cents on revenue of $3.21 billion to $3.35 billion.

On Jan. 22 it had forecast first-quarter earnings per share of 43 cents to 49 cents on revenue of $3.27 billion to $3.55 billion citing solid demand for its chips.

Shares immediately fell more than 5 percent to $28.01 from a close of $29.65.