Texas Instruments releases second quarter 2024 financial report, with both revenue and net profit declining

Texas Instruments released its second quarter 2024 financial report after the stock market closed on July 23. The report showed that the company achieved revenue of $3.822 billion, operating profit of $1.248 billion, net income of $1.127 billion, and earnings per share of $1.22 in the previous quarter. All four figures showed a year-on-year decline, with total revenue decreasing by 16% year-on-year, but also recording a 4% month-on-month increase. In response to this situation, Texas Instruments is transitioning its gallium nitride power device production process from 6 inches to 8 inches to increase production capacity and reduce costs.