Texas Instruments yesterday announced its first quarterly revenue growth in nearly two years. At the same time, the company revealed that it has complied with the US export restrictions and stopped supplying to Huawei from September 14.
TI announced that its net profit for the third quarter fell to US$1.35 billion, slightly lower than the US$1.43 billion in the same period last year. Revenue increased by 1% year-on-year to US$3.82 billion, higher than market expectations.
TI said that during the pandemic, demand for electronic products for remote work, online education and entertainment has increased. At the same time, the significant rebound in automotive market demand also benefited its revenue. As auto assembly plants in North America and Europe resume operations, demand in the automotive market has grown by 75% compared to the previous quarter.
In addition, TI said that Huawei accounted for about 2% of its sales in the third quarter. However, the company has complied with US export restrictions and stopped shipping to Huawei since September 14. This means that Huawei will not be included in the company's fourth quarter revenue guidance.