Texas Instruments reports fourth quarter 2010 results

Digital signal processors supplier Texas Instruments (TI) has announced fourth-quarter revenue of $3.53bn (£2.21bn), net income of $942m and earnings per share of $0.78.

Earnings per share included $0.14 from the combination of a gain on the sale of a product line and a tax benefit that was primarily associated with the reinstatement of the federal R&D tax credit.

According to the company, these results demonstrate that the inventory-driven downturn that began in the second half of 2010 is now mostly complete.

TI added that its 34 per cent revenue growth during 2010 was led by its core businesses of analogue, embedded processing and the part of its wireless segment that is focused on smartphones and tablets.