January 25, 2024 /SemiMedia/ -- According to Texas Instruments' latest financial report, revenue in the fourth quarter of last year dropped to US$4.08 billion, a year-on-year decrease of 13%; single-quarter net profit dropped by 30% to US$1.37 billion, lower than market expectations.

Texas Instruments' full-year sales shrank 13% last year, the largest decline in more than a decade. "Last quarter we experienced repeated weakening of demand across industries, and the automotive industry also experienced a continuous decline." Texas Instruments CEO Haviv Ilan pointed out.

TI said the demand environment remains weak and customers are expected to continue reducing chip inventories.

"The recent downturn is different from the past, with multiple industries declining at different timelines. However, looking at the long term, we are very confident in the growth of semiconductors, especially in the automotive and industrial fields," Rafael Lisardi, the company's CFO, said.