The Cold Current of the Chip Market is Spreading from the Consumer Side to the Industrial Side
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Update time : 2022-10-27 11:16:03
After the US stock market closed on October 25, the US analog chip giant Texas Instruments announced its third-quarter results, which were slightly higher than market expectations, but the fourth-quarter financial forecast was less than expected. Shares of Texas Instruments tumbled more than 5% in after-hours trading after the earnings report was released.
According to the financial report, Texas Instruments’ third-quarter revenue was $5.241 billion, an increase of 13% year-on-year, which was better than the $5.14 billion expected by Wall Street analysts; net profit was $2.295 billion, an increase of 18% year-on-year. However, Texas Instruments expects fourth-quarter revenue of $4.4 billion to $4.8 billion, below analysts' average forecast of $4.93 billion; earnings per share of $1.83-$2.11, also below expectations. Texas Instruments has a complete range of analog and embedded chip products, usually using mature chip manufacturing processes, covering consumer, industrial, automotive, aerospace, military and other fields. Its performance can be regarded as a vane of semiconductor supply and demand. According to IC Insights, a semiconductor industry body, Texas Instruments will lead the industry with $14.1 billion in revenue and a 19% market share in 2021. "We're experiencing weak demand for consumer electronics, and that's spreading across the industrial sector," said Rich Templeton, Texas Instruments chairman and CEO. However, the company said demand for automotive chips remains strong. In the earnings conference call, Dave Pahl, vice president and investor department manager of Texas Instruments, said that Texas Instruments' personal consumer chip revenue in the third quarter decreased by about 15% from the previous quarter, while industrial chip revenue was flat month-on-month, because the weak market demand has spread into the field. In addition, automotive chips continued to grow, with revenue increasing by about 10% month-on-month; communication equipment chip revenue increased by more than 5% year-on-year; enterprise-level system chip revenue including data centers increased by about 5% month-on-month. He expects chip demand in most end markets, except for the automotive market, to decline sequentially in the fourth quarter. The global semiconductor industry is entering a downward cycle, after a number of semiconductor manufacturing companies have lowered their capital expenditure plans. Memory chip maker Micron expects total capital expenditures in fiscal 2023 to fall by more than 30% year-on-year to $8 billion, of which capital expenditures for wafer fabrication equipment will drop by about 50%. Wafer foundry leader TSMC also recently announced that it will lower its capital expenditure in 2022 from $40 billion set three months ago to $36 billion. Texas Instruments uses about 80% of its chips in its own factories, and the remaining share is entrusted to external OEMs, and it is still continuing to expand production. Dave Pahl said the company is expanding its chip manufacturing capabilities to meet long-term trends in end-market demand for chips. In addition, its customers particularly value the geopolitical reliability of production capacity.
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