Texas Instruments forecasts current-quarter revenue above estimates

© Reuters. A Texas Instruments Office is shown in San Diego, California

(Reuters) – Texas Instruments Inc (O:) reported a surprise jump in quarterly revenue and forecast fourth-quarter sales above Wall Street estimates on Tuesday, bolstered by a global shift to work from home that has boosted demand for its chips used in electronic products.

TI, which supplies chips for everything from smart phones to automobiles, often reports quarterly results before its peers. Investors watch its numbers closely as a proxy for both the health of the industry and other sectors where semiconductors are key components.

The Dallas, Texas-based company said sales benefited from a notable rebound in automotive demand, as well as strong sales for chips used in personal electronics.

TI shares were up 2% in extended trading.

The company said it expected fourth-quarter revenue in a range of $3.41 billion to $3.69 billion, above analysts’ expectations of $3.34 billion, according to IBES data from Refinitiv.

Total revenue in the third quarter rose to $3.82 billion from $3.77 billion last year, above Wall Street estimates of $3.45 billion.

Net income fell to $1.35 billion, or $1.45 per share, in the quarter ended Sept. 30, from $1.43 billion, or $1.49 per share, a year earlier.

Analysts on average had expected a profit of $1.28 per share.

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