Texas Instruments blames disappointing financials on Japan earthquake

Texas Instruments Inc. has blamed the Japanese earthquake for its disappointing financial results, which came in below analyst estimates.
The chipmaker disclosed first-quarter revenue of $3.39 billion, down from $3.525 billion last quarter. It also posted net income of $666 million and earnings per share of 55 cents compared with $942 million and earnings per share of 78 cents back in Q2. In the same quarter last year, TI posted revenue of $3.205 billion, net income of $658 million and earnings per share of 52 cents.
Analysts had been predicting TI to earn 58 cents a share on sales of $3.4 billion, but the company said its results had suffered owing to around $30 million in costs resulting from the Japan earthquake where the firm has a wafer fab in Miho.
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