Chipmaker Results Point Toward Correction

By Nitin Dahad, EETimes
Nov. 1, 2018

LONDON — A number of chipmaker earnings announcements over the last week had a common theme — softer demand, inventory correction, and potential impacts from the U.S.-China trade war.

Among these companies were Texas Instruments, STMicroelectronics and Renesas, each of which plays heavily in microcontrollers, automotive and industrial chips.

On last week’s earnings call, TI’s chief financial officer, Rafael Lizardi, indicated that the company was heading into a softer market. It forecasted its weakest fourth quarter since 2013. Oppenheimer analyst Rick Schafer said in a client note that he considered TI’s fourth-quarter cut to be one of the first credible signals of an early-stage semiconductor cycle correction.

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