DALLAS (AP) _ Texas Instruments Inc. (TXN) on Tuesday reported first-quarter net income of $1.22 billion.
On a per-share basis, the Dallas-based company said it had profit of $1.26. Earnings, adjusted for pretax gains, came to $1.22 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.
The chipmaker posted revenue of $3.59 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $3.48 billion.
For the current quarter ending in July, Texas Instruments said it expects revenue in the range of $3.46 billion to $3.74 billion. Analysts surveyed by Zacks had expected revenue of $3.69 billion.
Texas Instruments shares have risen 23 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 17 percent. In the final minutes of trading on Tuesday, shares hit $116.26, an increase of 19 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TXN at https://www.zacks.com/ap/TXN