Texas Instruments Inc. on Tuesday forecast fourth-quarter revenue significantly below Wall Street estimates, as the company grapples with supply chain constraints that have plagued the entire chip industry.
Semiconductor shortages have caused a major delay in manufacturing activity, with automakers slashing output and electronic device makers struggling to keep up with red-hot demand driven by the work-from-home shift.
The Dallas, Texas-based company forecast fourth-quarter revenue between $4.22 billion and $4.58 billion. The midpoint of the range falls short of analysts’ estimates of $4.44 billion, according to Refinitiv data.
Total revenue rose 22% to $4.64 billion from last year’s $3.82 billion, slightly off estimates of $4.66 billion.