Texas Instruments conference call update: Results continue to reflect asynchronous market behavior (193.97 -1.80)
- Results continue to reflect the asynchronous market behavior seen throughout this cycle.
- Industrial market was down low single digits as customers continued to reduce their inventory levels. The automotive market increased upper single digits, primarily due to strength in China. Personal electronics grew about 30%. Enterprise systems was up about 20%, and communication equipment was up about 25%.
- Personal electronics, enterprise systems, and communication systems already in the midst of a cyclical recovery; not done yet, but are pointing in the right direction.
- Industrial inventory correction is still ongoing but do not think much is left. Expect recovery but cannot predict the quarter.
- In automotive, outside of China, automotive, other geographies are still searching for that bottom.