Mobile chips fuel Texas profits

TI is a top supplier of microchips for mobile phones

US giant Texas Instruments (TI), the world's biggest maker of chips used in mobile phones, has seen its quarterly profits rise by 34%.

Strong sales of its chips and electronic devices fuelled a fourth quarter profits increase to $655m (£366m), up from $490m a year ago.

Revenues rose 14% to $3.59bn from a year ago, slightly below forecasts.

Chief executive Richard Templeton said TI had entered the new year in "excellent health".

"Customer and channel inventories appear lean, and demand is solid," Mr Templeton said.

The company also announced a $5bn share buy-back.

Shares in Texas Instruments rose 4 cents to close at $31.70 on Monday.