The Dallas-based chipmaker dodged questions about whether the situation in China would exacerbate computer chip shortages.
The new variant is similar to BA.2, although scientists say it’s too soon to know if it will behave in the same way as its predecessor.Lizardi said hundreds of manufacturing facilities are shut down, especially around the Shanghai region, while some others are operating at reduced capacity. TI is redirecting as much inventory as possible to customers outside of affected areas in China to mitigate revenue losses, it said.
Executives stressed to analysts that the downward revision is an imprecise estimate, and they didn’t answer analysts’ questions about whether the situation in the East could exacerbate the shortage of computer chips fueling inflation in the U.S. During its first earnings call for 2022, TI pointed to its revised revenue guidance for the second quarter as evidence of the uncertainty in China. Its new guidance broadly estimates $4.2 billion to $4.8 billion in revenue.
TI brought in $4.9 billion in revenue for the three-month period ended March 31, up 14% from the same time a year ago. TI also increased prices for some of its products during the first quarter, which contributed to some of the revenue growth, executives said. The company is bringing more production capacity online over the remainder of this year and is focused on “building the company stronger for the long term,” head of investor relations Dave Pahl said. “Those are the things we can control.”
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