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Texas Instruments posted a sharp drop in profit as it looks to cut 12 percent of its workforce.
TI's fourth-quarter profit fell 86 percent to $107 million, or 8 cents a share, from $756 million in the same period last year, or 54 cents a share. Excluding restructuring charges, TI had earnings of 21 cents a share, exceeding the 12 cents forecast by Wall Street analysts.
Revenue was $2.49 billion, down 30 percent, from $3.56 billion last year. The company also warned that revenue in the first quarter would … Read more